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On Markets

In his 1970 Reith lecture, which is still available on iPlayer, Donald Schön describes a situation of uncertainty as a set of circumstances for which no known theory provides any adequate predictive or explanatory power.

Markets, whether in their concrete local form or in the most abstract theoretical global sense, give rise to such uncertain circumstances. We are often told by media outlets that 'markets have reacted strongly' to events, but such comments are merely attempts to construct theories in hindsight and use them to suggest that we really do understand markets?

People often use their theories of markets to push political theories of various kinds and use the notion of science and the legitimacy of 'reading the market' to support their case. Next time you go to market, have a think about what you do (or don't do) and see if you can make sense of it all.

Call and Response - a new beginning

On Alienation