Sublime

Instead of wondering earnestly which of the self-evident yet mutually inconsistent criteria of fairness, representativeness and so on are the most self-evident, so that they can be entrenched, we judge such criteria, along with all other actual or proposed political institutions, according to how well they promote the removal of bad rulers and bad

Yet any sophisticated, large-scale market depends on well-designed and well-enforced rules of the game without which rampant theft, constant breaking of contracts, and the rule of the physically strongest would prevail. These rules can be boiled down to three principles: freedom, competition, and openness.

Une nation ne tombera jamais d’accord sur un modèle de bonheur. Toute tentative d’un gouvernement d’imposer une seule philosophie à ses citoyens s’avère nécessairement coercitive et despotique. Berlin affirme que les gouvernements devraient protéger la « liberté négative » de leurs citoyens – c’est-à-dire se garder de toute ingérence – et les laiss

Realizing the centrality and power of law for coding capital has important implications for understanding the political economy of capitalism.

no more need to have them enforce our contracts.

Complexity economics views the economy as a system not necessarily in equilibrium, but rather as one where agents constantly change their actions and strategies in response to the outcomes they mutually create.

Two legal systems dominate the world of global capital: English common law and the laws of New York State.

Economically relevant information is discovered from experimentation, not deduced from a model.