- Both reductionism and holism are wrong. The quality of an explanation can not be deduced by the “level” it is on. The reason for that is emergence: High-level phenomena about which there are comprehensible facts that are not simply deducible from lower-level theories are called emergent phenomena.
- Both reductionism and holism are wrong. The quality of an explanation can not be deduced by the level it is on. The reason for that is emergence: High-level phenomena about which there are comprehensible facts that are not simply deducible from lower-level theories are called emergent phenomena.
- Prices provide high-level simplicity while the process of discovering prices is complex (taking into account how all market participants act). Prices are the outcome of a decentralised discovery process.