Ep 4: Ghost Smart Cities

Ronald Coase's "The Nature of the Firm" is a highly influential article in economics, published in 1937. It challenges the neoclassical assumption of perfect markets by examining the role of transaction costs in determining the boundaries of the firm. Coase argues that firms exist because it is often cheaper to coordinate economic activity within a firm than through market transactions. He emphasizes the importance of property rights and contract enforcement in facilitating efficient market exchange. The article's enduring influence is seen in its continued relevance to debates about the organization of economic activity and the role of transaction costs.

Published in 1970, 'Future Shock' by Alvin Toffler and his wife Adelaide Farrell examines the profound effects of rapid industrial and technological changes on individuals, families, and society. The book defines 'future shock' as a state of disorientation and confusion resulting from the overwhelming pace of change. Toffler argues that this rapid change leads to psychological ailments such as anxiety, hostility, and depression, and erodes traditional social structures like families and communities. He identifies three main forces driving future shock: transience, novelty, and diversity. The book also discusses the need for resilience and adaptive strategies to cope with these changes and suggests that societal institutions must evolve to support individuals in managing the 'adaptive range' required to deal with the accelerating pace of life.