Toby Ash interviews Mark Blyth at Five Books:
The title of this interview is nothing if not ambitious. So, in a nutshell, can you tell us how the world’s political economy does actually work?
But what if it works the other way? That basically there are fallacies of composition and collective action problems at the base of everything, which means that your own individual best first strategy can lead to everybody having a second best outcome. That’s how I think about the world. Take climate change, for example. Everybody agrees that it’s a problem – unless you’re a crank. Why is it then so difficult to do something about it? Because everybody pursuing their own self-interest can be a really good thing, and it can lead to lots of innovation. But it can also lead to the fragilities that brought us the financial crisis and our inability to solve climate change. So where’s the space between Smith and Keynes? To me, that is where you should look for how the world works.
More here.
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