Miltiadis Drandakis’s Reviews > The Truth About Markets: Why Some Nations are Rich But Most Remain Poor > Status Update
Miltiadis Drandakis
is on page 370 of 426
Endorsement of market economy with the prerequisite of disciplined pluralism and incentive compatibility.
Transactional and transformational employment. In market economies there is a need to make transactional employment more efficient.
Autonomous management combined with audit and accountability.
Market economy is characterised by information asymmetry and lack of incentive compatibility.
— Sep 17, 2019 02:56PM
Transactional and transformational employment. In market economies there is a need to make transactional employment more efficient.
Autonomous management combined with audit and accountability.
Market economy is characterised by information asymmetry and lack of incentive compatibility.
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Miltiadis’s Previous Updates
Miltiadis Drandakis
is on page 379 of 426
Asymmetric information : not all have the same information.
Usually exposed to cases of incentive compatibility (those that have the incentive don’t have the information and those that have the information don’t have the incentive).
Asymmetric information can be dealt with regulation (eg. Government regulation) and self-regulation (eg. reputation).
— Sep 21, 2019 03:00PM
Usually exposed to cases of incentive compatibility (those that have the incentive don’t have the information and those that have the information don’t have the incentive).
Asymmetric information can be dealt with regulation (eg. Government regulation) and self-regulation (eg. reputation).
Miltiadis Drandakis
is on page 378 of 426
Rich states are the product of centuries of coevolution of civil society, politics and economic institutions.
A partial understanding of a complex reality is better than the reassurance of false universal explanations.
— Sep 21, 2019 07:04AM
A partial understanding of a complex reality is better than the reassurance of false universal explanations.
Miltiadis Drandakis
is on page 361 of 426
Disciplined pluralism with strict audit and accountability.
— Sep 08, 2019 05:04AM
Miltiadis Drandakis
is on page 359 of 426
Market economy established disciplined pluralism and dealt with problems of incentive compatibility.
Discipline in the form of error recognition not punishment.
As soon as there is no pluralism and discipline (features which often occur in government), all efforts collapse.
— Sep 07, 2019 02:58PM
Discipline in the form of error recognition not punishment.
As soon as there is no pluralism and discipline (features which often occur in government), all efforts collapse.
Miltiadis Drandakis
is on page 353 of 426
Distinction between hedonism and happiness.
The crew that values the practice of fishing is more financially successful than the crew which is organised in pursuit of financial goals.
The purpose of market is the production of goods and services and profit is the means. Not the opposite !
— Sep 03, 2019 01:09AM
The crew that values the practice of fishing is more financially successful than the crew which is organised in pursuit of financial goals.
The purpose of market is the production of goods and services and profit is the means. Not the opposite !
Miltiadis Drandakis
is on page 346 of 426
To prevent corporate and political corruption is a matter of institutional design.
The difference between honest and corrupt public administration and business is not the result of difference of rules between them.
The integrity of an institution is the product of the values of those who work within it not only of its corporate governance.
— Aug 31, 2019 10:50AM
The difference between honest and corrupt public administration and business is not the result of difference of rules between them.
The integrity of an institution is the product of the values of those who work within it not only of its corporate governance.
Miltiadis Drandakis
is on page 343 of 426
Redistributive Market Liberalism and American Business Model compared.
Reasons and assumptions of each and how they work (or fail) in reality.
— Aug 28, 2019 12:38AM
Reasons and assumptions of each and how they work (or fail) in reality.
Miltiadis Drandakis
is on page 330 of 426
Advantage of representative democracy over participative. Comparison of capitalism vs social democracy .
France as a social democracy and its advantages and disadvantages . Absence of disciplined pluralism (eg trial and error). Characteristic of social democracy: Maintain consensus regardless of consequences.
— Aug 24, 2019 11:14AM
France as a social democracy and its advantages and disadvantages . Absence of disciplined pluralism (eg trial and error). Characteristic of social democracy: Maintain consensus regardless of consequences.
Miltiadis Drandakis
is on page 323 of 426
Introduction of American Business Model :
Self Interest Rules
Market fundamentalism
Minimal State
Low Taxation
— Aug 18, 2019 12:19PM
Self Interest Rules
Market fundamentalism
Minimal State
Low Taxation
Miltiadis Drandakis
is on page 302 of 426
Market economies are characterised by economic, social and political institutions as well as disciplined pluralism.
— Aug 11, 2019 11:51PM
