A Look At Economic History

The “free market” is perhaps the most familiar of economic bywords. Since at least the Great Depression, the term has been a staple of the nation’s political discourse, used both to praise and to criticize policy. An economic philosophy intertwined with a number of powerful political ideologies

Jacob Soll – Free Market, The History of an Idea

Free markets and how we think about them are reflective of our broader polarized society. A recent book explores the history of the topic – one that has been polarized for centuries. In Free Market, The History of an Idea, author Jacob Soll studies the long history of free market thought. We learn that our conception of Adam Smith is not accurate, and the raging debates between laissez-faire and government intervention date back at least to the writings of first-century philosopher Marcus Tullius Cicero. Early thinkers did not believe greed was good, but felt society needed to find a way to harness commercial self-interest in ways that elevated the common good.

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The Great Reset

We face the task of understanding and governing 21st-century technologies with a 20th-century mindset and 19th-century institutions – Klaus Schwab: Shaping the Fourth Industrial Revolution.

In a video titled “The Great Reset”, economist Tyler Cowen uses a great metaphor of canaries in coal mines to describe the warning signals that seem like local events – but actually represent greater and broader stress. He uses several recent examples to highlight the growing stress in the system and the potential for a great reset in the future. Regardless of your belief system – it is hard to argue with the underlying logic. Whether we view this as the Fourth Age in human history, a third major Tipping Point, or a Great Reset, structural change is inevitable. This short seven minute video drives this point home.