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Quotes from Capitalism's toxic assumptions

“The market as a whole is run by rules that are well past their sell-by date.”

“Market capitalism depends on seven big ideas. These have served the world well in the world well in the past, but over the years they have become cancerous, and are slowly killing the system as a whole.”

“The idea of competition is fundamental to the way we think.”

“On re-examining competition, the cornerstone of capitalism,it became apparent that there is a strong mathematical case in favor of cooperation.”

“Men are biologically conditioned to respond to perceived threats by competing to win.”

“Managerialism is the belief … that generic management skills can be applied to all organizations, regardless of their type.”

“In theory but not in practice … supply and demand are independent variables.”

“Limited liability used to be rare, and the presumption was always that parties in a business partnership or corporation were liable for losses as well as for gains.”

“The ‘invisible hand’ will not deliver benevolent outcomes unaided.”

“The market over time adjusts to mirror the desires of those creating it through the sum total of their actions.”

“Apart from the fact that we can’t predict the future, there are lots of reasons why we often don’t choose to ‘maximize our utility,’ none of which fits neatly into… mathematical models.”

“No one believes that the earth is flat any more, as early scientist did. Economist, on the other hand, haven’t budged from their original world view.”

“Economics … has largely ignored the messiness of human decision making.”

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Categories: Book Review, Quotes

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