I’m pretty capitalist, but the idea that markets are the smartest large-scale entities we’ll ever invent is deeply depressing. This is why I’m always intrigued by *interesting* distortions. Not tawdry cronyist power grabs, but other kinds of weird unplanned distortions.
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Dumb view: both markets and distortions are eternal patterns. Free-market fundamentalist view: markets evolve, distortions don’t Reactionary view (both left and right): markets are static but my new kind of distortion will deliver utopia Ze Truth: Arms race. Both evolve.
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