Friday, 9 November 2012

Cornford on multiple equilibria

"The number of rogues is about equal to the number of men  who always act honestly; and it is very small. The great majority would sooner behave honestly than not. The reason why they do not give in to this natural preference is that they are afraid that others will not; and the others do not because they are afraid that they will not."
F.M. Cornford, Microcosmographia Academica