WHAT DOES KALEIDIC MEAN? (worth repeating) (See wikipedia) –“As a propertarian

WHAT DOES KALEIDIC MEAN?

(worth repeating) (See wikipedia)

–“As a propertarian I’m assuming you follow the Lachmann rather than Shackle tradition in your appreciation of kaleidics.”— Chris Shaeffer

Great question.

I use the term ‘Kaleidic’ primarily in the broader sense as “indeterministic”, and less frequently in the narrower sense “never reaching equilibrium” or “never reaching neutrality” in which profits are no longer possible. And in practice I follow Nassim Nicholas Taleb and Arnold Kling more closely than either Shackle or Lachmann in the cause for indeterminism: that shocks are more influential than regularities (Taleb), and that rather than Lachman’s argument, flocking and schooling (in my terms) or more precisely, “Patterns of Sustainable Specialization and Trade” due to changing opportunities rather than ‘mechanical rearranging’, and that informational asymmetry, opportunity costs, transaction costs, are less meaningful. In other words, I see opportunities as more frequent and influential than frictions. This is because the costs of increasing efficiency are often higher than the cost of seizing new opportunities in a dynamic economy. As such, companies ‘sort’ by which tactic they are able to pursue.

Cost cutting hurts your allies (employees). Which hurts you. And Austrian economics treat human resources (alliances) as a resource, when, as dynamism increases, people are the most expensive, least predictive, and most influential resource you can possess.