I just finished "Radical Markets" by @glenweyl and Eric Posner and it has made me deeply question my fundamental view of how the global economy should work in ways I have not done in almost ten years. He book makes cases for positions I never thought possible. Let me explain -->
Since I learned undergraduate economics and until I read this book i was convinced that private property was a necessary precondition to prosperity and I thought there was nothing you could say to convince me otherwise. Well, they made an astoundingly compelling case against it.
Their specific proposal is based on a smart generalization of the Vickrey Clarke Groves mechanism (which is genius and mind blowing on its own) and while i am still unsure how well it would work I now concede that it is at least possible that abolishing private property is good.
They have similarly innovative and challenging proposals for increasing free movement of people across borders and upending the exploitation of personal user data by google and Facebook - I never felt convinced on the importance of that latter point until now!
Before I read Radical Markets I think I was just resigned to our current system being approximately first best and couldn't see how to upend entrenched wealth inequalities without damaging prosperity in a major way. That book convinced me another world might be possible.
In conclusion you guys all need to read it ASAP and I'm proud to know you @glenweyl !
Also heads up friends if you don't buy it now I'm getting it for you at your next birthday so, you know, make your choices
This is the single biggest shift in my views about the general economy since I started studying economics. It's THAT major.
Just to clarify two things: (1) they are NOT advocating government control or government ownership of the commons! (2) Yes I think non-economists can read this book!
Wait, I meant "second best" in the technical sense, I misused first best to express that I thought it was the best we could probably hope to achieve more or less.
Addendum: Many folks responded to this with "but do they fall into THIS obvious trap? Or consider THIS classic problem?" I had those concerns too! I was not kidding when I said that I literally thought YOU COULD NOT CONVINCE ME that private property isn't the very best thing ever
