Inadequate Equilibria

A foundational, critical work for rationalists or those studying the principles of what I would now (I think rightly) call Yudkowskian rationalism. The book explains at length the types of situations where it is clearly absurd to claim you know better than society, or more specifically the markets, such as short-term equity pricing. There is no free energy in such a system. But Yud also convincingly explains that there are vast areas of human endeavor which are inadequate, whether or not they can be exploited for profit, and that it is perfectly reasonable to notice those and claim to know better than whatever system of beliefs is currently in place. There is no arrogance in claiming to know better if your domain of inquiry has the wrong incentives to reach the ground truth.

The book is short, succinct and punchy, neither overly precise nor general, and written with great clarity of purpose. It is scoped well. I consider it a foundational text.