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« Methodological Suspicions Bleeding Into Ideological Suspicions | Main | MadMen and the Market Process »


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Private institutions like Amazon, Google, Yelp etc all improve information accessibility. They are all about solving the Hayekian systemic problem -- "of rapid adaptation to changes in the particular circumstances of time and place"

Excellent points. Also relevant: Yoram Barzel's "Some fallacies in the interpretation of information costs," JLE Oct '77

I absolutely agree with the examples set out here, but although reputation is a force that can be and is harnessed to keep firms and sellers in line in many markets, unfortunately as of today it is not enough to stop many, especially large and powerful, corporations from engaging in highly unethical behaviour. If we can find a way to better harness this force - petitions help, but we still need more - then markets will themselves have a far better reputation.

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