Local maxima and the fallacy of jumping to fixed-points
An economist and a computer scientist are walking through the University of Chicago campus discussing the efficient markets hypothesis. The computer scientist spots something on the pavement and exclaims: “look at that $20 on the ground — seems we’ll be getting a free lunch today!” The economist turns to her without looking down and replies: “Don’t be silly, that’s impossible. If there was a $20 bill there then it would have been picked up already.”…