25min chapter

Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas cover image

209 | Brad DeLong on Why the 20th Century Fell Short of Utopia

Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

CHAPTER

Market Mechanisms vs. Social Justice

This chapter explores the contrasting economic philosophies of Michael Polanyi and Friedrich von Hayek, focusing on the roles of market economies and scientific institutions in society. It critiques Hayek's stance on market efficiency versus social equity, highlighting the challenges posed by rapid technological changes and the rise of neoliberalism. The discussion emphasizes the need for balance between market productivity and social justice, revealing the complexities of finance, power dynamics, and public perceptions of fairness in modern economies.

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