Markets are the means, not the end

Raghuram Rajan  |  The University of Chicago Booth School of Business  |  25 August 2021  |  1.00 CE

Economists all too often understand their field as the relationship between markets and the state, and they leave squishy social issues for other people. That’s not just myopic, it’s dangerous. All economics is actually socioeconomics - all markets are embedded in a web of human relations, values and norms. And, throughout history, technological phase shifts have ripped the market out of those old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached but it can be ugly and messy, especially if d...

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