Macro thinkers tend to assume there are 3 basic ways to solve problems: institutions, markets, and organized military conflict (war). No, there are 4. The fourth way is extended chaos, allowing the natural dynamics to play out and create a new default equilibrium condition.
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Venkatesh Rao Retweeted Mark Ryan Sallee
“Laissez-faire was planned, planning was not” — Polyani. Markets in practice assume more institutional structure not less. Courts to enforce contracts, rule of law, stable monetary system, Foreign trade being enabled, sovereign bonds not being junky.https://twitter.com/mrsallee/status/1193988973653196800?s=21 …
Venkatesh Rao added,
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A big misconceptions of free-market ideologues is that markets are some sort of natural space that expands endlessly as institutional spaces contract. A “natural” market based on informal commerce unlinked to state-organized commerce would be a fraction of the size.
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