It is man's predicament as a fallible yet capable human chooser making decisions within an uncertain though not unimaginable world of economic possibilities that brings forth the entrepreneurial market process that leads to economic growth and development, results in the dynamic instability of governmental interventionism, and also the ideological excesses of political power brokers that resulted in death and destruction. We live in a world of imperfect human actors, interacting in the world with imperfect knowledge and within imperfect institutions. One of our primary tasks as political economists is to explore what institutions enable us to cope with those imperfections, curb delusions, and channel behavior toward peaceful and productive social cooperation; and also to identify those institutions that leave us plagued with imperfections, vulnerable to the whims of others, and unable to navigate the world without conflict and coercion.
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