I strongly suspect that the effectiveness of capitalism as a system of economic organization is proportional to how rational agents participating in it are. I expect that capitalism only optimizes against the general welfare when people in a capitalist society make decisions that go against their own long-term values. The more rational a capitalist society is, the more it begins to resemble an economist’s paradise.
I strongly suspect that the effectiveness of capitalism as a system of economic organization is proportional to how rational agents participating in it are. I expect that capitalism only optimizes against the general welfare when people in a capitalist society make decisions that go against their own long-term values. The more rational a capitalist society is, the more it begins to resemble an economist’s paradise.