by Summary:
It should be obvious to just about anyone by now that transnational capitalism cannot survive in its present form if humanity is to survive. The amount of negative externality that is not priced in is too great. Markets are not a mechanism that delivers accurate economic calculation, contrary to what Hayek argued in his Nobel Prize Lecture (1974), and is now widely accepted as received wisdom. Valuation is biased by failing to consider true cost and reliance on this is leading to more erroneous assumptions about addressing emergent challenges. Ignoring true cost including externalities will vitiate any market-based solutions that are propounded based on current theory and accounting practices. Probably most know this deep down but also know that addressing this issue effectively would be
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Mike Norman considers the following as important:
This could be interesting, too:
It should be obvious to just about anyone by now that transnational capitalism cannot survive in its present form if humanity is to survive. The amount of negative externality that is not priced in is too great. Markets are not a mechanism that delivers accurate economic calculation, contrary to what Hayek argued in his Nobel Prize Lecture (1974), and is now widely accepted as received wisdom. Valuation is biased by failing to consider true cost and reliance on this is leading to more erroneous assumptions about addressing emergent challenges. It should be obvious to just about anyone by now that transnational capitalism cannot survive in its present form if humanity is to survive. The amount of negative externality that is not priced in is too great. Markets are not a mechanism that delivers accurate economic calculation, contrary to what Hayek argued in his Nobel Prize Lecture (1974), and is now widely accepted as received wisdom. Valuation is biased by failing to consider true cost and reliance on this is leading to more erroneous assumptions about addressing emergent challenges. Ignoring true cost including externalities will vitiate any market-based solutions that are propounded based on current theory and accounting practices. Probably most know this deep down but also know that addressing this issue effectively would be
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Jeremy Smith writes UK workers’ pay over 6 years – just about keeping up with inflation (but one sector does much better…)
Robert Vienneau writes The Emergence of Triple Switching and the Rarity of Reswitching Explained
Lars Pålsson Syll writes Schuldenbremse bye bye
Robert Skidelsky writes Lord Skidelsky to ask His Majesty’s Government what is their policy with regard to the Ukraine war following the new policy of the government of the United States of America.
Ignoring true cost including externalities will vitiate any market-based solutions that are propounded based on current theory and accounting practices. Probably most know this deep down but also know that addressing this issue effectively would be extremely painful and highly unpopular absent a presently pressing existential threat that gets wide attention and motivates large numbers of people to act. While this has not happened yet, at least sufficiently to motivate the changes that need to be made to the system, the pressure is rising.