Austrian Economics & Applied Political Economy— Peter Boettke & Adam Martin
Hayek Program Podcast
00:00
The Degeneracy of Institutional Reform
Adam McCloskey: I wanted to move from that to this discussion in your paper on the general cosmopolitanism which is in social philosophy and policy. So Adam I think that that point about the deadweight losses versus capturing that tremendous expansion that's the McCloskey point as well right now. This issue of dealing with failure in the institutional environment that allows that maybe I mean maybe this is a bit of a stretch but I wanted to ask you about degeneracy. The idea of degeneracy is this it's this middle ground between redundancy and ultra specialization so one one way to deal with error error is ubiquitous we're always going to going to screw things up sometimes is through redundancy.
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