Tuesday, February 25, 2020

MoneyWisdom #461

"In short, the power of neoliberalism since the economic and social crises of the 1970's has consisted in part in the way that its view of markets embodies and sustains paradoxical relations between chance and order, randomness and design, noise and information, chaos and providence. It is able to do this... ...partly because it no longer presents markets as allocation devices (facilitating the double coincidence of wants), but as a super-human information processor. But... ...the ambiguous status of 'information' is the Achilles heel in the theory. For if markets produce true information about wants and needs in society, then society cannot know what it (or any individual) truly wants or needs outside the interplay of market forces. The society supposedly served by markets disappears into market forces."

Joshua Ramey The Politics of Divination (2016) p. 83