Modern art and political polarization

Source: EconLog
by Scott Sumner

“Not everyone sees the world in the same way. This is one reason why market economies work better than centrally planned economies. If everyone preferred black mid-sized sedans, you could have one government-owned auto manufacturer churn out millions of copies of a standardized car, and achieve significant economies of scale. But not everyone has the same taste. None of this is particularly controversial. But the rest of this post will be a bit more controversial. I claim that most people underestimate the extent to which other people see the world differently from the way that they see the world.” (06/30/24)