5min chapter

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

148 | Henry Farrell on Democracy as a Problem-Solving Mechanism

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

CHAPTER

Is the Price Mechanism a Process of Discovery?

In the popular imagination, markets and democracies go along together. But you're sort of opposing them as different ways of decision making. What we're trying to do is argue that there are incredible things that markets can do. And also, this is the point that limblu makes, is that you don't ever get any democracies. There are no historical examples of democracies which have not had markets going together wisdom. So there is some plausible, complex causal relationship between the two but certain things that markes are going to be terrible at doing. These very often will be those instances where human interaction with each other can help us understand how politics works.

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