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146 sats \ 3 replies \ @SimpleStacker 6 Oct \ parent \ on: The State is Entrepreneurial: It Matches Nature with Entrepreneurs! Politics_And_Law econ BooksAndArticles

It brings us back to an internal critique of econ that we've both had, which is that economists stop too quickly at "therefore, gubment." The math doesn't save us if we decide to stop applying the math when God (aka benevolent social planner) appears.

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113 sats \ 2 replies \ @Undisciplined 6 Oct

That reminds me that I keep putting of writing a short primer on externalities.

Magical daddy government isn’t trivial to derive from there either.

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81 sats \ 1 reply \ @denlillaapan OP 8 Oct

McCloskey quote from the (summary) reading today:

Externalities are not simply technological—though without much reflection most economists firmly believe they are. Externalities are defined socially all the way down. If factory smoke became fashionable to breathe, it would stop being a negative externality and would become a positive one.”

...and:

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65 sats \ 0 replies \ @Undisciplined 8 Oct

The technical treatment of externalities does account for that, but it also blows up the standard implementation model for dealing with externalities.

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