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Tag: Adam Smith

Human fallibility and robust institutions

Human fallibility and robust institutions

Note: I began writing this post before the election; I finished it after. I’ve indicated where the break is. It’s amazing that a system of a billion weasels trying to hose each other, i.e. capitalism, works as well as it does. Scott Adams, creator of Dilbert. Many human institutions are not optimised for perfection. They’re optimised for robustness. Capitalism is a case in point. Certainly, a huge amount of human endeavour is wasted in an arms-race of advertising, or in…

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