perfect markets drive product prices
toward zero profit levels
at social welfare optimal speed
each product has a potentially different
" market design" for price path perfection
see late akerlof on this
and then see late akerloff
reject the whole perfect market paradigm
-------------------
despite the attentuated toon version
of a complex
and explicitly
contradictory
enlightenment thinker
we now still call " adam smith"
capitalism can not transcend
its inherent agency problems
thru the miracle healings
of perfect market worship
and if you want "better markets"
then its not enough to understand real markets
you have to go out and redesign them
one by one
layer upon layer nest within nest
that is
the as yet
un publicly acknowledged
secular mission
of the still ungathered
knights of GOSPLAN II
toward zero profit levels
at social welfare optimal speed
each product has a potentially different
" market design" for price path perfection
see late akerlof on this
and then see late akerloff
reject the whole perfect market paradigm
-------------------
despite the attentuated toon version
of a complex
and explicitly
contradictory
enlightenment thinker
we now still call " adam smith"
capitalism can not transcend
its inherent agency problems
thru the miracle healings
of perfect market worship