4 ms·
This reminds me of high-level equilibrium traps[0], a concept used to explain China's historical economic stagnation. Without market inefficiencies, there are n
by Areibman 5y ago
This reminds me of high-level equilibrium traps[0], a concept used to explain China's historical economic stagnation. Without market inefficiencies, there are no incentives to invest in improvements.
In other words, when things are good the way they are, why bother changing?
[0]https://en.m.wikipedia.org/wiki/High-level_equilibrium_trap https://en.m.wikipedia.org/wiki/High-level_equilibrium_trap