Competitive and co-operative

The RadicalxChange mission dedicates the community to “using dramatically expanded competitive, free and open market mechanisms to reduce inequality, build widely-shared prosperity, heal global political divides and build a richer and more cooperative social life.”

Co-operating is essential
It is, I think, critical to outline the emphasis I adopt here in framing the problem and the opportunity. Whereas the RadicalxChange mission aims to have competition lead to greater co-operation, I treat competition and co-operation here as equal and concurrent.

Information is critical
Posner and Weyl envisage viscerally different markets with the intention, as the corresponding book review in the Economist points out, “to mount an onslaught against market power.” They’re searching for new kinds of market dynamic to eradicate the inequities of existing markets.

This places Posner and Weyl in the company of former World Bank chief economist (and fellow Georgist) Joseph E. Stiglitz, renowned for railing against the unfettered application of free-market ideology. He notes that “one of the reasons that the invisible hand may be invisible is that it is simply not there.” He attributes such absence in part to imperfect or indeed entirely missing information, the focus of the microeconomic field of information economics.

Equal access to information is critical, although each of us has the agency to interpret it as we think best. You and I have our own unique situation in the world, our own private reflections on it and relations and actions within it, which leads to you and I valuing things differently. This is perfectly natural.

Read More at RadicalxChange

Read the rest at RadicalxChange