16th July, 2020
Radical Markets - Eric A. Posner, E. Glen Weyl
Authors: Glen Weyl and Eric Posner
- Moral Economy has been replaced by a Market Economy
- This book draws from the work of Adam Smith and radical economists like Henry George, one of the most widely read economists of all time.
- Adam Smith originated the idea that if each person acts for their own personal good (while not harming others) it would lead to public good.
- Henry George recognized that Private property is a monopoly and suggested a tax scheme that would create a Common Ownership structure.
- William Spencer Vickrey was a follower of Henry George
- He presented a paper call Counterspeculation, Auctions and Competitive Sealed Tenders - a paper by William Spencer Vickerey where he presented Auctions as a means to solve major societal problems.
- Helped found the field of economics called Mechanism Design
Chapter 2 - Radical Democracy