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I believe markets are tools, not rules. This is one of those times when my background in economics threatens to overwhelm me with analysis paralysis while writ
by rw 17y ago
I believe markets are tools, not rules.
This is one of those times when my background in economics threatens to overwhelm me with analysis paralysis while writing a comment. Just to be concise about it: economics is a descriptive science, but we conflate it with a prescriptive one. Sometimes, that is definitely warranted--as a society, markets are a way to get things done, and we need to understand them as much as we can in order to implement them. But the hubris that comes with thinking that we basically get it, that we comprehend these ridiculously complex chaotic dynamical systems, leads to mis-allocated resources and anti-humanist policies.