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A few examples include: Greed is good. Maximizing pleasure from consumption is the goal. A billion acts of selfishness will lead to a prosperous society. The social duty of business is just to maximize its profits. There’s no such thing as society, only individuals—that was Margaret Thatcher’s famous quote. Markets are efficient; other institutions
... See moreW. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
The economy is not a closed static equilibrium system; it is a system perpetually open to novel behavior, and complexity economics forces us to keep this in mind.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
Robert E. Litan’s 2014 book, Trillion Dollar Economists.
Marian L. Tupy • Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet
they see individual merit as just one factor among many that determines success or failure in a competitive market. They tend to consider the economic system as a whole rather than just the individual players within it, which means taking into account such factors as monopolies, old-boy networks, institutional racism and sexism, and cycles of
... See moreKeith Payne • The Broken Ladder: How Inequality Changes the Way We Think, Live and Die
However, Lee Kuan Yew believed that the crux of the challenge was that Singapore was a terrible place to do business.
Richard Rumelt • The Crux: How Leaders Become Strategists
One last point: economists tend to be skeptical of any attempt to change people’s behavior that doesn’t change their incentives. For example, a plan that calls on manufacturers to reduce pollution voluntarily probably won’t be effective because it hasn’t changed manufacturers’ incentives.