Sublime

Steve Jobs was able to wander around Xerox PARC because those who brought him there trusted him. Once again, this shows that trust encourages the formation of the large networks that our society needs to accumulate knowledge and knowhow, even if trust sometimes works in mysterious ways. Trust contributes to network size by reducing the cost of link

Herman Daly.

One is the neoclassical rational-choice-equilibrium argument that markets automatically come to the Pareto optimal equilibrium for society. This was Ken Arrow and Debreu’s great work. The second is more out of the Hayekian tradition, that markets are efficient at processing distributed information to help coordinate activity in the economy. But bot

Two great problems in Economics Allocation in the Economy Quantities: General equilibrium, international trade, game-theory outcomes . . . Formation in the Economy Processes: Of econ development, discovering novel technologies, structural change, arrival of new institutions, temporary phenomena like bubbles, crashes . . . The former is mathematizab

publicly visible.

Public goods are enacted by social institutions that reproduce patterns of behavior in the public interest.

While economic systems have important differences from biological ones, they share some deep commonalities—notably, both use energy to create islands of order, stability, and local equilibrium (or homeostasis) in larger seas of disorder, but those islands of local stability are by necessity evolving as their environment evolves, meaning that the sy