Shalizi on the limits of welfare economics

Cosmo Shalizi concludes his rather elegant “parable superficially tuned to the holiday” thusly:

The larger point is that while what is technologically efficient depends on facts of nature, what is economically efficient is a function of our social arrangements, of who owns how much of what. Economic efficiency may be a good tool, but it is perverse to serve your own tools, and monstrous to be ruled by them. Let us be thankful for the extent to which we escape perversion and monstrosity.

Well worth a read (as is the piece linked at “monstrous”).

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