"let's say a hot new gay porno came out called 'omg how you suck his dick :D' Would you be indifferent in consuming said product in 1 day or deferring your consumption until 40 years?"

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@thelion2430 I dont care what another complexity theorist states... again that's a logical fallacy. It has been demonstrated that complex systems are unpredictable (non-linear feedback process etc). I actually eluded to this in my other video ==> when I said extreme fluctuations relative to a Gaussian distribution, I was talking about leptokurtic distributions etc.

@thelion2430 Well in the RBE will there be interest rates to compensate for inter-temporal impatience (a tradeoff between current consumption and capital formation) and risk/uncertainty aversion? The only that one doesn't need these things for maximizing utility is if RBE operated under utopian conditions.

@fountainherz TZM/TVP claim that RBE is imperfect the same way a over-unity proponent claims moderation by stating his machine isnt 500% efficient, its only 108%. efficient. The claim of Marxian super-abundance and efficiency without interest rates, risk/uncertainty premium requires the Utopian condition of infinitely efficient production and complete knowledge of everything (no possibility of new niches/ innovation)

@thelion2430 Start with the assumption that agents are risk/uncertainty averse and inter-temporally impatient. This assumption is empirically and logically sound. Individuals prefer consumption at time t rather than t+x. Lets say a hot new gay porno came out called "omg how you suck his dick :D ". Would you be indifferent between consuming said product in 1 day or deferring your consumption until 40 years?

"@thelion2430 Risk & uncertainty aversion==> aversion to structured uncertainty (a known distribution) over a constant value and aversion to unstructured fluctuations over structured uncertainty,respectively. The very existence of risk/uncertainty premiums in asset markets demonstrates that agents are risk and uncertainty averse. "

@thelion2430 Its only under infinitely substitutable, infinitely efficient, zero innovative potential that there is zero interest (no need to engage in inter-temporal substitution +> agent inter-temporal impatience, zero benefit from R&D and capital formation) and no risk/uncertainty premiums (consumption path cant be disturbed by fluctuations w/ the potential for endogenous "surprises" because were in the domain of infinity and this one applies to the finite). "

I want you to see how beautifully I destroyed TVP/TZM. On a side note, a three way disentangling of risk/uncertainty aversion and inter-temporal impatience is complicated. pages.stern.nyu.edu/~dbackus/E­­xotic/1Ambiguity/Hayashi%20EZ­%­20Dec%2003.pdf. This is done under non-complexity framework (dynamical thresholds) and does not incorporate deep habits which would make the derivation more complicated. I want everyone to appreciate how complex and complicated the world really is.

"@donkisiko The global financial crisis is a beautiful example of the fragility induced by nearly homogenized highly optimized critical agents non-linearly interacting in an ever-evolving environment. Under extreme crisis, individual reallocation due to shifts in risk aversion or perceived future reactions of other agents, induce extreme fluctuations and clustering which non-linearly feedback to cause computational complexity to feed on itself at an increasing rate. The normal state of TVP is equivalent to the extremely fragile state of a capitalist system. TVPs RBE will possess a singular optimizing agent who's allocation it must incorporate into its optimization. A Turing machine cannot be fully self referential/adaptive and be decidable. Not only is it insanely fragile due to lack of diversity, its also unsolvable

I am not a labor economist so I'm not very confident about talking about such things. Its actually the sub-field that I know the least about. It would be a very simple answer if I were a simple neo-classical, the real wage would just be the marginal productivity of labor. Abstracting away from an idealized world, one must incorporate shirking, searching cost, feedback etc It would be a much simpler problem if the min wage applied to a smaller group of individuals in a firm, if there were sufficiently similar industries without min wage laws to proxy it off of===> one can bound the real wage.

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