Adaptive Efficiency

Arnold Kling

By Arnold Kling, Jun 21 2007

Perhaps the greater amount of uncertainty and churn in the world economy in the 1990s is the new norm. Perhaps the 21st century will continually favor those who adjust best to changes. As Professor Van Reenen put it, “If the world has become one in which everyone is trying to hit a moving target, it certainly helps to be the best at changing one’s aim.”

That neatly summarizes the concept of adaptive efficiency that I was trying to explain the other day.

The Washington Post reports, Highlighting the challenge a far-flung campaign faces when it comes to message discipline, Romney has had to distance himself from his top economics adviser after Mankiw -- a Princeton-trained economist now teaching at Harvard -- voiced his support for an immigration bill Romney strongly o...

Jun 21 2007

Economics of Health Care

Health Care Beliefs and "Sicko"

Arnold Kling

My latest essay says, Illness deprives us of the sense of physical safety. Disease and injury are a throwback to the circumstances in which our physical environment is threatening and overwhelming. Thus, health problems tend to trigger our collectivist instincts. I am trying to apply Douglass North's view that belief...

Jun 21 2007

Cross-country Comparisons

Adaptive Efficiency

Arnold Kling

Austan Goolsbee writes, Perhaps the greater amount of uncertainty and churn in the world economy in the 1990s is the new norm. Perhaps the 21st century will continually favor those who adjust best to changes. As Professor Van Reenen put it, “If the world has become one in which everyone is trying to hit a moving tar...

Adaptive Efficiency

Arnold Kling

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