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Now I realise you have to produce many words to fill a book, but a more succinct argument would be appreciated, and this seems to be all over the place, with pa
by jacknews 5y ago
Now I realise you have to produce many words to fill a book, but a more succinct argument would be appreciated, and this seems to be all over the place, with pat explanations of recent history, which is probably much more complex in reality.
And is the argument really about 'identity', or just 'status'?
IMHO, economics is flawed at it's core, because people do not just value material wealth, but relative, social wealth, aka status, in fact, almost above all. That also explains twitter, facebook, instagram, etc.
- Gimpei 5y agoEgo rents are very much a part of modern economic theory. As are any range of cognitive biases (see behavioral economics), institutional frictions, spatial constraints, and on and on. It's a wide tent. Some say too wide.
- jvsg_ 5y agoCould you explain ego rent? Google didn't give me an answer (it sucks these days tbh).
- FooBarBizBazz 5y agoLike, you make no money but get to feel important. See the "CEOs" at startup conferences.
- jacknews 5y agoYes even with these additions, I don't think the central problem is addressed, which is that economics still treats people as 'rational actors', albeit flawed, interested in gaining wealth. But, and I see it all the time, people will in many cases, not only not work together for mutual gain, but will actually choose actions that harm their own material wellbeing, if they harm their close rivals more. People care about their relative status, not absolute wealth.