Provocation #118. Competition and economics. Why does economics have such an appreciation for competition? Competition creates winners but also losers, and can we afford more losers? Change always has losers, but a good society would be concerned that the changes help society, and compensate those who have been hurt, not just work for the few. … Continue reading 1928. Economy, economics and competition.
Provocation #117 Hayek remains important in large part because of his defense of free markets and attacks on the state for interfering with a natural process. Progressives are often saying free markets fail . But markets are not allowed by corporations to operate as free markets but as rules set up by monopolies. Free markets … Continue reading 1927. Hayek and corporations
Hayek remains important in large part because of his defense of free markets and attacks on the state for interfering with a natural process. Progressives are often saying free markets fail . But markets are not allowed by corporations to operate as free markets but as rules set up by monopolies. Free markets would be … Continue reading 1926.. Hayek failure to critique corporations.
Provocation #115. Economics should be about the the full spectrum of the basics, Some musings: Economics has become increasingly abstract, mostly through the influence of mathematics and the marginalists. But the reality of economy is organic. Manuel De Lande in his book Assemblage Theory says that in mechanical systems the parts maintain the integrity of … Continue reading 1923. Economics should be about the full spectrum of the basics.
To see an economy as a system is implicitly to treat it as though it’s a coherent set of parts that are adapted to each other. this implies the system has an internal integrity and purpose and those who interact with the system should help to keep it functioning, to repair it if it is … Continue reading 1922. The problem of seeing the economy as a system.
Provocation #113 The tendency in much of economics is to think in terms of closed system logic, ignoring context and worse, ignoring some of the states of the closed system. Here are two examples “The man who refuses to send his corn to market when it is at twenty pounds a load because he thinks … Continue reading 1917. limits to closed system thinking.
Provocation #112 Population As we look for positive plausible scenarios for the future we need to be imaginative, compassionate and realistic. Economics can play a crucial role in creating an economy that is supportive. But when the history of our time is written a key question will be: why didn't we deal with the obvious? … Continue reading 1915. Population and economics
Toward renewal Economics [thoughts]ought to be about the economy [what is] and economy is the way society deals with just about everything. But economics stays limited while the actual economy shifts toward corporate feudalism, monopoly, and corruption. The sociology of relations and structures, the anthropology of needs and institutions, and the philosophy of the fit … Continue reading 1905. Need for renewal in economics.
Provocation #106. Treating the economy as if it is a thing. Imagine a car parked on the street We think we see that car for what it is. But we do not see the flows within which it is embedded. - the finance, the road rules, the factory, the material extraction from open iron-ore pits … Continue reading 1903. Treating the economy as if it is a thing.
Provocation #105 The problem of narrowing perspective in history The strategy of historians, especially of a field or a nation, is simple. They pick out in the past the major figure, or a few, that are obvious points of origin of the best qualities of the current state of affairs. Adam Smith played (or was … Continue reading 1901. The problem of narrow history.