Essentially ways of transmitting information about human value and identity over long distances...something widely understood in the field. And yet the whole field is built around the notion that some system roughly approximating those prevalent today is "optimal" and that
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any deviations from this are weird "market failures". Compare this to any other area of ICT and it just seems totally bizarre. Imagine that in the late 19th century people assumed that the telegraph basically captured all one could hope for from ICT and all that was left were
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tweaks to get it "just right"...or what would AI be like if we assumed that existing computers basically were the human mind, up to some fine tuning. In most ICT, the notion of focusing on optimality is totally bonkers...just getting any approximation that is usable is a huge
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achievement and the main worry is not suboptimality but unintended consequences and failure modes from the fact that the tech is still way off of what it tries to model. How can economics be so far from this perspective? It is obvious to anyone who reflects even for a moment
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that the social systems political economies try to convey are at least as complex as the brain or communication and that capitalism, money, nation states etc. don't even come close to formalizing human sociality on small scales.
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Public goods, cultural meaning, identity, etc. all are wiped away by the reductions of standard prices and money...how can we be focused on "optimality" of some ludicrously reductive system rather than actually trying to capture something a little bit more plausible in a usable
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I mean what kind of science basically has nothing where we are like “we think we should be able to do X to advance technology but we don’t yet know how exactly”.
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Neo-Schumpeterian and evolutionary economists w central interest technical change have been arguing similar critiques for a..while. Understanding technical change makes “heterodoxy” less unacceptable! Encouraging bridging..
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I think I disagree but may be misunderstanding what you are saying. What now-Schumpeteriam tradition sees economics itself as the source of innovation? I am not talking about studying innovation but generating it...innovation in social systems.
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