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Winner-takes-all is something like a natural law. That's just math, not a value statement or judgement. Probably the outcome of preferential attachment and com
by specialist 6y ago
Winner-takes-all is something like a natural law. That's just math, not a value statement or judgement.
Probably the outcome of preferential attachment and compounding interest (rewards). I'll let others talk about economies of scale, financialization, regulatory capture, and so forth.
If society determines that winner-takes-all is undesirable, we'll have to choose otherwise. That means forfeiting economic efficiencies, adding friction to open markets, some kind of profit sharing (redistribution).
A policy of robustness over efficiency could make a lot of sense. There will always be shocks to the system. In vesting in resilience is a pretty good idea.
Note that I wrote "open markets". The taxonomy of markets includes open, closed, gray, and black. "Free markets" is double speak for pro-monopoly laissez faire winner-takes-all.
- AnimalMuppet 6y agoYeah. We have all the efficiency we need in growing food, and more besides. (At least in terms of output - maybe not in terms of sustainability and environmental damage.) But as you say, we really want resiliency, too.