The Third Pillar

A big-picture framework for understanding how three key forces - the economy, society, and the state - interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. The 'third pillar' of the title is society. Economists all too often understand their field as the relationship between the market and government and leave social issues for other people. All economics is socioeconomics - all markets are embedded in a web of human relations, values and norms. As he shows, throughout history, technological innovations have ripped the market out of old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached, but it can be ugly and messy, especially if done wrong.