It could be the case that the board would reliably fail in all nearby fact patterns but that market participants simply did not know this, because there were important and durable but unknown facts about e.g. the strength of the MSFT relationship or playersâ BATNAs.
I agree this is an alternative explanation. But my personal view is also that the common wisdom that it was destined to fail ab initio is incorrect. I donât have much more knowledge than other people do on this point, though.
I think it would be fair to describe some Presidents as being effectively powerless with regard their veto yes, if the other party control a super-majority of the legislature and have good internal discipline.
(Emphasis added.) I think this is the crux of the argument. I agree that the OpenAI board may have been powerless to accomplish a specific result in a specific situation. Similarly, in this hypo, the President may be powerless powerless to accomplish a specific result (vetoing legislation) in a specific situation.
But I think this is very far away from saying a specific institution is âpowerlessâ simpliciter, which is what I disagreed with Zachâs headline. (And so similarly would disagree that the President was âpowerlessâ simpliciter in your hypo.)
An institutionâs powers will almost always be constrained significantly by both law and politics, so showing significant constraints on an institutionâs ability to act unilaterally is very far from showing it overall completely lacks power.
I agree this is an alternative explanation. But my personal view is also that the common wisdom that it was destined to fail ab initio is incorrect. I donât have much more knowledge than other people do on this point, though.
(Emphasis added.) I think this is the crux of the argument. I agree that the OpenAI board may have been powerless to accomplish a specific result in a specific situation. Similarly, in this hypo, the President may be powerless powerless to accomplish a specific result (vetoing legislation) in a specific situation.
But I think this is very far away from saying a specific institution is âpowerlessâ simpliciter, which is what I disagreed with Zachâs headline. (And so similarly would disagree that the President was âpowerlessâ simpliciter in your hypo.)
An institutionâs powers will almost always be constrained significantly by both law and politics, so showing significant constraints on an institutionâs ability to act unilaterally is very far from showing it overall completely lacks power.