In fairness to hyak, he does not, he is not an optimiser. He's making evolutionary arguments for the benefits of markets. One question that we need think about is what happens when economic activities become sufficiently complex that it is impossible for regulators to keep up with them. There are a whole bunch of other questions springing from that, which are probably too far afield for us to discuss in aa timet. Andthe and i think t at there are some other very interesting twists.
Democracy posits the radical idea that political power and legitimacy should ultimately be found in all of the people, rather than a small group of experts or for that matter arbitrarily-chosen hereditary dynasties. Nevertheless, a good case can be made that the bottom-up and experimental nature of democracy actually makes for better problem-solving in the political arena than other systems. Political theorist Henry Farrell (in collaboration with statistician Cosma Shalizi) has made exactly that case. We discuss the general idea of solving social problems, and compare different kinds of macro-institutions — markets, hierarchies, and democracies — to ask whether democracies aren’t merely politically just, but also an efficient way of generating good ideas.
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Henry Farrell received his Ph.D. in Government from Georgetown University. He is currently the Stavros Niarchos Foundation Agora Institute Professor of International Affairs at the Johns Hopkins School of Advanced International Studies. He was the 2019 recipient of the Friedrich Schiedel Prize for Politics & Technology. He is a member of the Council on Foreign Relations and co-leader of the Moral Economy of Technology initiative at Stanford University. He is a co-founder of Crooked Timber blog, as well as the Monkey Cage blog at the Washington Post.
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