Capitalism with taxes on negative externalities and government subsidies to pay for public goods.
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Replying to @JimDMiller @RokoMijicUK
Great idea except now the parasites have a goal of "take over the institution you've created to determine what has negative and positive externalities". A King naturally wants to subsidize positive externalities and tax negative ones because it maximizes the value of his realm.
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Replying to @CovfefeAnon @JimDMiller
Strongly agree with the first part. King is wrong IMO. Crypto/AI much more likely to be viable for that role.
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The least you can say for monarchy is that the incentives are aligned. There aren't any national externalities to a King because he owns the realm. If you're going to substitute some kind of crypto enabled replacement you need to replicate that aspect.
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The incentives aren’t aligned if there is an externality absorbed by other nations, ie polluting a river as it leaves the kingdom, exiling sociopaths, etc.
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Replying to @CkLorentzen @CovfefeAnon and
> parasites have a goal of "take over the institution you've created We’ve already established that parasites are deleterious for institutions. Observing this and concluding ‘therefore we won’t have an institution’ is awfully defeatist.
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It's not defeatist - it's acknowledging the game theory. The Institute of Externalities doesn't capture the gains / take the losses so it will over time drift into the control of men who will use its rulings to capture gains of both prestige and money but primarily prestige.
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>...it *will* drift into the control of men... Assuming that no possible institutional design might ever overcome the perverse incentives of the few, seems defeatist to me.
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Designing an aircraft with gravity in mind isn't defeatist. Designing institutions without considering incentives is like calling noticing gravity "defeatist".
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Maybe I’m misreading you, but it seems to me that you’re not designing aircraft with gravity in mind, so much as stating confidently that it is the nature of aircraft to crash.
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It *is* in the nature of aircraft to crash and they have to be carefully designed so they don't do so. That is, assuming they get off the ground at all.
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I refer you back to “will drift into the control...” I’m arguing that it’s *possible* to have an institution to price externalities, that doesn’t crash. You *seem to me* to insinuate that “all aircraft crash”, though not in as many words. I’m probably splitting hairs here.
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