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belief in the free market is as naïve as belief in Santa Claus. There simply is no such thing as a market free of all political bias. The most important economic resource is trust in the future, and this resource is constantly threatened by thieves and charlatans. Markets by themselves offer no protection against fraud, theft and violence. It is the job of political systems to ensure trust by legislating sanctions against cheats and to establish and support police forces, courts and jails which will enforce the law. When kings fail to do their jobs and regulate the markets properly, it leads to loss of trust, dwindling credit and economic depression. That was the lesson taught by the Mississippi Bubble of 1719, and anyone who forgot it was reminded by the US housing bubble of 2007, and the ensuing credit crunch and recession.
Sapiens
Yuval Noah Harari
“But there’s nothing concrete to study in your cosmic sociology, Dr. Ye. Surveys and experiments aren’t really possible.” “That means your ultimate result will be purely theoretical. Like Euclidean geometry, you’ll set up a few simple axioms at first, then derive an overall theoretic system using those axioms as a foundation.” “It’s all fascinating, but what would the axioms of cosmic sociology be?” “First: Survival is the primary need of civilization. Second: Civilization continuously grows and expands, but the total matter in the universe remains constant.”
The Dark Forest
Cixin Liu
The real test of ‘knowledge’ is not whether it is true, but whether it empowers us. Scientists usually assume that no theory is 100 per cent correct. Consequently, truth is a poor test for knowledge. The real test is utility. A theory that enables us to do new things constitutes knowledge.
Sapiens
Yuval Noah Harari
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