But one possibility is that markets as a technology for organizing resources/policy are being quietly undermined by other information tools, and so are likely fail more often and in ever messier ways moving forward.
Everything from different prices tailored for each person, to memes that effectively coordinate demand and manipulate prices, to direct management of production by AI, to automation of 'entrepreneur' role.
None of it fits how markets are traditionally "supposed" to help society function smoothly.
I'd agree with all that and add that there's a deeper cultural issue, which is that far too much of business--both leaders and process/structural stuff--is focused on value capture regardless of whether or not what they're doing is creating value for the larger world.
For instance, no one in this crypto bubble/hype cycle is even pretending that there's anything to crypto other than an elaborate ponzi scheme. And it seems to basically be okay with a large segment of the world. We're just inflating some nonsense coins so we can (hopefully) get some other people's $
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But one possibility is that markets as a technology for organizing resources/policy are being quietly undermined by other information tools, and so are likely fail more often and in ever messier ways moving forward.
None of it fits how markets are traditionally "supposed" to help society function smoothly.