The efficiency obsession - price isn't everything

Ross Hitchenor has written a great summary of a great session on the damaging impact of our obsession with efficiency.

Read it. I do think Professor Roger Martin's call for a switch away from efficiency towards resilience echoes Nicholas Taleb Nassim's valuable concept of antifragility.

And I'm glad that someone from the floor raised the ghost of Marx. Classical Marxist theory maintains that fewer people getting richer faster is a necessary consequence of unconstrained markets. Markets operating with perfect efficiency will always centralise capital. The market's ability to price-in cost should make it the ultimate resource allocator.

But it can only work if the price of each transaction reveals the total cost (including environmental and social impact). 

This requires rapid and insightful calculation and transparency on a global scale - as I wrote in a Linkedin article - Can We Code The Economy To Cut The High Price of Low Cost

Finally we may know the true cost of everything - and even its value.

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