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vgr's profile
Venkatesh Rao
Venkatesh Rao
Venkatesh Rao
@vgr

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Venkatesh Rao

@vgr

Conversational account. For work follow @ribbonfarm, @breaking_smart, @artofgig. Tweets are 90% vacuous views, apathetically held. Mediocritopian. IKEA builder.

Los Angeles, CA
venkateshrao.com
Joined August 2007

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    Venkatesh Rao‏ @vgr Oct 14
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    Is there something like a Coase for democratic politics? Firm/market/law/transaction costs/social costs? Not school civics. More like Fukuyama’s stuff or Selectorate Theory, but institutional. I’m thinking parties, media, mobs as first-order. Maybe firms and demagogues too.

    7:31 PM - 14 Oct 2020
    • 2 Retweets
    • 20 Likes
    • Andreas Rotenberg Eric Lavin Divia Eden Nicolas Colin 🇪🇺 Rahul Ramchandani roon Mitch Anhoury Strip Bond Salvator R. Tarnmoor
    6 replies 2 retweets 20 likes
      1. New conversation
      2. Venkatesh Rao‏ @vgr Oct 14
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        Venkatesh Rao Retweeted Byrne Hobart

        Public choice theory feels more analogous to regular or behavioral economics than coasean though. 🤔 It offers analytical insights but doesn’t seem to suggest a natural and satisfying ontology. Something you could use in a toy-world simulation for eg.https://twitter.com/ByrneHobart/status/1316568173051863043 …

        Venkatesh Rao added,

        Byrne Hobart @ByrneHobart
        Replying to @vgr
        Public Choice Theory is all about this.
        1 reply 0 retweets 1 like
        Show this thread
      3. Venkatesh Rao‏ @vgr Oct 14
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        Hmm. Maybe a direct analogy would work Firm = party Market = media Law = Overton window/pc norms etc Social costs = fake news, disinformation that distorts media the way social costs distort prices Transaction costs = cost of actually forming an opinion on an issue.

        1 reply 1 retweet 2 likes
        Show this thread
      4. Venkatesh Rao‏ @vgr Oct 14
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        Breaking down transaction costs as we normally do: Search costs = figuring out what political issues correlate to private interests. Like realizing GDPR matters if I run a website. Negotiating costs = cost of forming an opinion Monitoring costs = cost of tracking the issue

        1 reply 1 retweet 1 like
        Show this thread
      5. Venkatesh Rao‏ @vgr Oct 14
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        Joining a party = joining a firm Contract = party line Main macro thing of interest in coasean economics is not gdp or interest rates but firm size distribution. By analogy, in politics it should be faction-size distribution.

        1 reply 0 retweets 1 like
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      6. Venkatesh Rao‏ @vgr Oct 14
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        Venkatesh Rao Retweeted Jason Potts

        Ah! This is promising. Acemoglu is the why nations fail guy.https://twitter.com/profjasonpotts/status/1316572112140734464 …

        Venkatesh Rao added,

        Jason Potts @profjasonpotts
        Replying to @vgr
        Daron Acemoglu wrote about this a while ago https://dspace.mit.edu/bitstream/handle/1721.1/64358/whynotpoliticalc00acem.pdf?sequence=1 …
        1 reply 0 retweets 0 likes
        Show this thread
      7. Venkatesh Rao‏ @vgr Oct 14
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        Venkatesh Rao Retweeted Jason Potts

        Never heard of Trent Macdonald, interesting.... 🧐https://twitter.com/profjasonpotts/status/1316572726455279617 …

        Venkatesh Rao added,

        Jason Potts @profjasonpotts
        Replying to @profjasonpotts @vgr @trentjmacdonald
        Indeed, @trentjmacdonald wrote a very good book on this https://www.elgaronline.com/view/9781788979375/chapter03.xhtml …
        1 reply 0 retweets 0 likes
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      8. Venkatesh Rao‏ @vgr Oct 14
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        Alright, this is kinda the trailhead I was imagining should exist. Into a Roam page it goes. Thanks @profjasonpotts 🤓pic.twitter.com/dwi0zzch9q

        0 replies 1 retweet 9 likes
        Show this thread
      9. End of conversation
      1. New conversation
      2. Nick Pinkston  🌐‏ @NickPinkston Oct 14
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        Replying to @vgr

        Did Cesar Hidalgo invent this for "Why Information Grows"? He had a lot of Coase extensions in there.

        1 reply 0 retweets 0 likes
      3. Sam Penrose‏ @sampenrose Oct 14
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        Replying to @NickPinkston @vgr

        Kinda ... everything? "All politics is local." "There is no such thing as public opinion." Like Silicon Valley, modern politics is heavily if not perfectly constrained by Dunbar's number.

        0 replies 0 retweets 1 like
      4. End of conversation
      1. New conversation
      2. Byrne Hobart‏ @ByrneHobart Oct 14
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        Replying to @vgr

        Public Choice Theory is all about this.

        1 reply 0 retweets 11 likes
      3. William Eden‏ @WilliamAEden Oct 14
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        Replying to @ByrneHobart @vgr

        Hell yes. Also New Institutional Economics.

        0 replies 0 retweets 6 likes
      4. End of conversation

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