3 ms·
the story goes, we let people run amok in markets because they're "self-correcting". the reality is, we continue to ignore the effect of delayed corrections and
by uoaei 2y ago
the story goes, we let people run amok in markets because they're "self-correcting". the reality is, we continue to ignore the effect of delayed corrections and what damage might be incurred in the interim.
- rqtwteye 2y agoTrue. In many cases the self-correcting cycles of markets may take decades or centuries.
- rsprinkle 2y agoThe is called privatizing profit and socializing risk. Current management philosophies are all about mining assets and when the mine is empty, move on. It used to be about growing assets.
- uoaei 2y agoanother way to articulate that dichotomy is through the lens of industrial vs financial modes of capitalism.