Nobel Laureate in Econ Elinor Ostrom describes how in the real world we have a variety of formal And informal governance structures (that do negotiated decision making, monitoring, conflict resolution, punishments, etc.) to allow both local and global optima. From an info-processing view you know locally what’s best for you, but you need a way of aligning local decisions to reach global optima. Because this is very complex and fuzzy we humans have nested overlapping norms and institutions to govern behavior while allowing freedom and flexibility.
Nobel Laureate in Econ Elinor Ostrom describes how in the real world we have a variety of formal And informal governance structures (that do negotiated decision making, monitoring, conflict resolution, punishments, etc.) to allow both local and global optima. From an info-processing view you know locally what’s best for you, but you need a way of aligning local decisions to reach global optima. Because this is very complex and fuzzy we humans have nested overlapping norms and institutions to govern behavior while allowing freedom and flexibility.