Thinks 540

Glen Weyl: “Because Web 3 lacks primitives to represent such social identity, it has become fundamentally dependent on the very centralized Web 2 structures it aims to transcend, replicating their limitations….In our paper, we illustrate how even small and incremental steps toward representing social identity with Web 3 primitives could solve these issues and bring the ecosystem far closer to regenerating markets and their underpinning human relationships in native Web 3 context. Even more promising, we highlight how native Web 3 social identity, with rich social composability, could yield great progress on broader, long-standing problems in Web 3 around wealth concentration and vulnerability of governance to financial attacks, while spurring a Cambrian explosion of innovative political, economic and social applications. We refer to these use cases and the richer pluralistic ecosystem they enable as “Decentralized Society” (DeSoc).”

Rosolino Candela: “The process of economic development is fundamentally one of institutional transition, particularly one of eliminating political and legal privileges that redirect entrepreneurship from unproductive to productive activities. However, such a transition implies a concentrated cost imposed upon the current beneficiaries of the existing system, the benefits of which are dispersed across the population. The counterintuitive policy implication for transitional political economy, which may be particularly frustrating for a pro-market policy reformer, is that attempts to change the rules of the game, and eliminate monopoly privileges through political discretion, will only incite rent seeking, generating greater dissipation of wealth than if the transfer had not been initiated. The key point here is that, since political discretion is the very source of monopoly privileges created by the state, political discretion cannot also be the source of its abolition. Political discretion used as an instrument to abolish legal privilege cannot occur without simultaneously creating another legal privilege, since political discretion, by its very nature, intends to benefit one party at the expense of another.”

Read: Sparring Partners by John Grisham; 3 short stories

 

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Rajesh Jain

An Entrepreneur based in Mumbai, India.

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