Errata

After the rally, many traders considered Black Thursday a correction. We think they were wrong: the next week, Black Tuesday started the Great Depression. But was the Great Depression itself a correction?

Locke’s state of nature justifies modern society — discrete individuals who live with one another out of convenience, each maintaining her inalienable independence. Is tribalism a correction of our societal structure? When tribal thinking leads to reduced health care and fewer vaccinations, for instance, is the resulting lower life expectancy a correction?

What do we do when correction is coming? Jesus’ king sees another king coming to fight him with twice his force. He counts the cost and sues for peace.  “In the same way,” Jesus concludes, “those of you who do not give up everything you have cannot be my disciples.” Did the king give up everything by suing for peace, or did he give up giving up everything by not fighting?

Perhaps the solar system is, in the long run, a correction of sorts, a short-term contraction between periods of heedless expansion.