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Yes! That is an astute point. Corporate farms are efficient. Monoculture forests are efficient, etc. But they are fragile. Unions and income transfers cause ine
by chkaloon 6y ago
Yes! That is an astute point. Corporate farms are efficient. Monoculture forests are efficient, etc. But they are fragile. Unions and income transfers cause inefficiencies, but without them, society becomes fragile.
- ethbro 6y agoEfficiency has to be integrated over a timespan. Despite all the disruption, I'd be surprised if it were on the whole more efficient for companies to optimize for resiliency... for an event that happens once in 100 years. Rather than fall back on central banks & governments, and expect them to throw everything and the kitchen sink at it. Ideally, though, what the government will and won't do should have been communicated well in advance of a pandemic, so that everyone had an even investment playing field. Piecemeal bailouts are asking for insider trading.