Kay, J., 2004, The Truth About Markets, Penguin, London
- Author : Kay, J.
- Year : 2004
- Title English : The Truth About Markets
- Publisher : Penguin
- Publisher's Location : London
- ISBN : 978-0-140-29672-3
- Pages : 479
- Comments : p. 18 The stark differences in economic lives around the world are not the differences in the availability of resources, education or capital or skills. They are the product of differences in the structure of economic institutions. p.237 …Rousseaux recognised that self-interested individuals would not necessarily cooperate, even though such cooperation would make them better off. p. 242 Today Rosseaux’s problem is generally framed as the ‘Prisonner’s Dilemma in which the payoffs for cooperating or confessing are such that the parties always betray the other to the detriment of both and never take the option that would benefit each other. p. 243 Adaptive societies protect themselves from the Prisoner’s Dilemma in many ways. The easiest way to change the game is to employ an enforcer. p. 244 It is in the best interest of the group that everyone should penalise shirkers, but not necessarily in the interest of one individual. So we must not only penalise shirkers, but people who fail to penalise shirkers.”