,
8 tweets,
2 min read
Read on Twitter
With the fronts between those yelling criticism of capitalism and those yelling that it is the only solution, I always wonder: Do y’all really think in such simple categories? There are things that are magical, and there are things that are horrible in our existing economic ...
... systems, but I do not think that the terms “capitalism” or “socialism” describe them very well. Also: I get annoyed when people conflate “markets” and “capitalism” or “redistribution” and “socialism”. You can Imagine having a system with UBI and intentionally...
.... hyperinflating stores of value; such a system bears no resemblance to capitalism yet uses markets. You can have a highly capitalistic system with strong redistribution.
The ills that are plaguing us politically right now are issues such as negative externalities that are...
The ills that are plaguing us politically right now are issues such as negative externalities that are...
...not priced in (from CO2 via pesticide pollution of groundwater to cyber security) as well as distortive (and dynastic) inequality (accumulation leads to exponential riches, and since money in modern societies is an important information-transmission medium, this distorts ...
... resource allocation society-wide).
Well-functioning markets are great because they permit decentralized decision making. In absence off gross inequality, they are highly democratic, and egalitarian. You build something people like, you get resources to build more. No need...
Well-functioning markets are great because they permit decentralized decision making. In absence off gross inequality, they are highly democratic, and egalitarian. You build something people like, you get resources to build more. No need...
...to convince a king or party committee that your product is a good idea. Decentralized decisionmaking. It may be the secret sauce that helped capitalism outperform all centralized economic systems.
Anyhow. I find it useful to think about markets and currencies as allocation instruments and information-processing instruments, and they may be the best thing we have invented for solving large-scale allocation problems. It also becomes evident then that In a highly unequal ...
... society allocation decisions get distorted. There are society-wide efficiency arguments for redistribution and prevention of dynastic wealth.
Too many on the left reject markets, too many on the right reject redistribution and properly pricing in negative externalities.
Too many on the left reject markets, too many on the right reject redistribution and properly pricing in negative externalities.
