The scholar scientist academe in his very own ivy lined exchange box
See the U cal berk dean of faculty on one side
of the contraction curve ?
And there's
Brad Nibblington Delong the latest in a multi century chain of blue blooded Huguenots
on the other
Let's rumble !
Market power in the ivory tower
The broad horizontal - Historical Delong sweep:
"And it is on top of this evopsych propensity to be gift-exchange animals--what Adam Smith called our "natural propensity to truck, barter, and exchange"--we have built our complex economic division of labor. We construct property and market exchange--what Adam Smith called our natural propensity "to truck, barter, and exchange" to set and regulate expectations of what the fair, non-cheater non-sap terms of gift-exchange over time are.
We devise money as an institution as a substitute for the trust needed in a gift-exchange relationship, and we thus construct a largely-peaceful global 7.4B-strong highly-productive societal division of labor, built on:
- assigning things to owners—who thus have both the responsibility for stewardship and the incentive to be good stewards…
- very large-scale webs of win-win exchange… mediated and regulated by market prices..."
