Lecture video reflection

Lecture video reflection

Thint Myat -
Number of replies: 1

"Incomplete contracts are ubiquitous. Therefore social preferences are essential and they are becoming more essential as economy has moved more into areas in which incomplete contracts are impossible" Since the economy has evolved into unenforceable conditions, incomplete contract and social preferences become an essential in the underpinning of the high performance of modern economy. However, there are clever mechanisms designed on policymaking, are also extremely limited with what it can accomplished in liberal society. As the outcome, ethical motivation are under threat by the core of those incentive design and this lecture address these issues in several experiments as examples. 

Dialectical observation of the lecturer upon the context of incentive has portrayed a limited underlining of liberal democratic capitalism and profit maximization context. Unlike the condition under nonexistent of systematic intervention of social contracts, is it legitimate to presume the ground of ethical motivation under invisible functioning of modern economy from the epistemological understanding. If we look closer into Anarcho Syndicalism, can it be assumed as the drive of selfish motivation rather than ethical motivation?

In reply to Thint Myat

Re: Lecture video reflection

David Joseph -
The statement raises an interesting point regarding the role of social preferences and incomplete contracts in the modern economy. It suggests that as the economy has evolved into areas where contracts are inherently incomplete and unenforceable, social preferences become crucial in maintaining high economic performance. However, it also acknowledges the limitations of clever policymaking mechanisms in achieving desired outcomes within a liberal society, as they may inadvertently undermine ethical motivation.