A Good Enough Device
mail.google.com
A Good Enough Device
In Minsky’s own words, ‘The tendency to transform doing well into a speculative investment boom is the basic instability in a capitalist economy.’
so many people end up trapped in local maxima. The argument of Book II is that the machinery of consumer capitalism is designed to keep us stuck here, that the moat is only ever getting wider, and this is compounded by the fact that we suck at making trade-offs across time—at weighing the second, third and nth-order consequences of our actions. Thi
... See moreAt the time, a fierce debate was raging about whether centrally planned economies like that of the Soviet Union—in other words, economies where there was a single core responsible for creating and distributing goods and services—worked better than free market economies where planning and production were done by an undirected, decentralized crowd. M
... See moreThere is, however, a flip side to the market’s power: it only values what is priced and only delivers to those who can pay. Like fire, it is extremely efficient at what it does, but dangerous if it gets out of control.