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We should know that we can’t know it all. Yet the results of using the opposite idea, of “unbounded rationality,” are widely influential (usually farcically mixed with asymmetrically applied “unintended consequences”). Here’s why neither sports nor markets need “less regulation”:
With a $20,000 check and instructions to bring back “some good paintings” from friend and financier Dr. Albert C. Barnes, American artist William Glackens set off for Paris in 1912 with carte blanche to buy the very best modern art he could find. Long a champion and connoisseur of European and American modernism, Glackens sent back to Barnes 33 works by now-renowned artists such as Paul Cézanne, Pierre-Auguste Renoir, Pablo Picasso, and Vincent Van Gogh that helped shape the collection that eventually became The Barnes Foundation.