Comments on: Pictures with Giants

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By: Insiderman

Insiderman — Tue, 06 Sep 2005 23:57:00 +0000

I’ll have to read more about the “adaptive efficiency” concepts I understand North and the new Institutionalists favor. It seems to me, though, that we could have skipped straight to the “rational efficiency” school of thought and skipped all the process of moving through institutional change to get to the end product… much like adaptive expectations deals with the process of flowing through inflation to equilibrium while rational expectations cuts to the chase and just recognizes a higher price level without the corresponding rising and falling output levels. We could then just evolve our institutions directly to high levels of functionality.

By: Insiderman

Insiderman — Wed, 30 Nov -0001 00:00:00 +0000