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Beyond Mechanical Markets by Michael D. Goldberg, Roman Frydman

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2

The Folly of FullyPredetermined History

IN MODERN ECONOMIES, individuals and companies engage in innovative activities, discovering new ways to use existing physical and human capital, and new technologies in which to invest. The institutional and broader social context within which this entrepreneurial activity takes place also changes in novel ways. And innovation itself influences the future returns from economic activity in ways that no one can fully foresee. Thus, change in capitalist economies is to a significant extent nonroutine, for it cannot be adequately captured in advance with mechanical rules and procedures.

Because nonroutine activities are an important component of change, investment decisions in modern economies are themselves ...

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