Sublime

the four “Asian tigers”—South Korea, Taiwan, Hong Kong, and Singapore—had demonstrated the success of export-led, labor-intensive manufacturing. China embarked on that path decisively with the rise to power of the brilliant pragmatic reformer Deng Xiaoping in 1978. Following Deng’s sage advice on pragmatic market opening and his famed nonideologica

... See more

The story of Preston brings to mind an idea that could play a big role in fostering an ‘economics of imagination’. A lot of ink has been spilled in recent years about Universal Basic Income. It’s an excellent idea in many ways, and would help create conditions for both personal and collective imagination to thrive, in particular with a reduction of

... See more

Congratulations to @DAcemogluMIT, @baselinescene & James Robinson on their @NobelPrize in Economic Sciences. While their work on institutions is important, it's crucial to remember that development is complex.

As @yuenyuenang, @mushtaqkhan100 & Ha-Joon Chang argue, effective institutions must be context-specific, not just replicas of Western... See more

To reverse the trend, my belief is that large Western tech companies—that is, US companies—should commit to building new institutions designed for economic security and prosperity. These companies are the ones that reveal the new techno-economic paradigm as they grow. And among their executives are leaders who best understand what is required to ma

... See more

A few examples include: Greed is good. Maximizing pleasure from consumption is the goal. A billion acts of selfishness will lead to a prosperous society. The social duty of business is just to maximize its profits. There’s no such thing as society, only individuals—that was Margaret Thatcher’s famous quote. Markets are efficient; other institutions

... See more