Efficiency Vs Reliability in economic decision making


This paper suggests restoring the criterion of reliability to its rightful place above efficiency in the list of important criteria for socio-economic decision-making. This would be the first step in rescuing society and economics from the dead-end and possible catastrophe created by pure gain-maximizers. Reliability and modularization sit on the very solid theoretical foundations of the engineering sciences and system design. Hopefully, they can provide better theoretical guidance for the difficult socio-economic decisions that we must make today. Read more ...

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