Friday, February 3, 2012

Markets can be sub-optimal

A nice theoretical essay (see here) shows the awakening of a theoretical economist to the fact that economics describes only one part of a society or social system.  He sums up his fairly theoretical piece by saying:

Economics is performative when it serves the interest of the powerful, and not performative when it doesn’t. In this sense, the problem is not with economics, but with a class structure that causes the “real world” to be a corrupted and perverted form of a market economy.

What I really found to be interesting were the comments on his piece.  

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