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Friday, October 11, 2013

'Analyzing Emergent Properties of Systems of Decentralized Exchange'

Brad DeLong:

Analyzing Emergent Properties of Systems of Decentralized Exchange: Part IIIA of My "The Economist as ?: The Public Square and Economists: Equitable Growth Notes for October 11, 2013: So what do economists have to say when they speak as public intellectuals in the public square? As I see it, economists have five things to teach at the "micro" level--of how individuals act, and of their well-being as they try to make their way in the world. These are: the deep roots of markets in human psychology and society, the extraordinary power of markets as decentralized mechanisms for getting large groups of humans to work broadly together rather than at cross-purposes, the ways in which markets can powerfully reinforce and amplify the harm done by domination and oppression, the manifold other ways in which the market can go wrong because it is somewhat paradoxically so effective, and how the market needs the state to underpin and manage it on the “micro” level.
These five are:
The Deep Roots of Markets...
The Extraordinary Power of Markets...
Market Systems Reinforce and Amplify the Harm of Domination...
Other Ways in Which the Market Can Go Wrong...

[There's a fairly long discussion of each point.]

    Posted by on Friday, October 11, 2013 at 08:23 AM in Economics | Permalink  Comments (6)


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