Sublime

Each company is trying to figure out how to strategize, how much to invest, what the technology should be. In a case like that, it’s not at equilibrium.

One is the neoclassical rational-choice-equilibrium argument that markets automatically come to the Pareto optimal equilibrium for society. This was Ken Arrow and Debreu’s great work. The second is more out of the Hayekian tradition, that markets are efficient at processing distributed information to help coordinate activity in the economy. But bot

Here is where culture enters the picture. I mean“culture” in its anthropological rather than artisticsense. What values and practices can hold people to-gether as the institutions in which they live fragment? My generation suffered from a want of imagination inanswering this question, in advancing the virtues ofsmall-scale community. Co

good government in the future will depend on the quantity and quality of feedback of all kinds.

Since it is now clear that a certain amount of stability is necessary for cultural vibrancy, the question to be asked is: how can this stability be provided, and by what agencies?

But opponents of state intervention didn’t lay down their arms. Fueled by ideological fervor, the fear of communism, and in-depth works by prominent economists, the ideological warfare against state intervention began again right after World War II in the form of neoliberalism[381]. It gained steam because of major societal changes. The rising aspi

Social institutions, networks and groups construct, mould and orchestrate human actions. Marx famously argued that people make their own history, but they do so not under circumstances of their own choosing since the ‘tradition of the dead generations weighs like a nightmare on the minds of the living’