Agree. Markets and prices are super useful tools, but they must be constructed thoughtfully and maintained rigorously. Property rights must be refactored to allow price discovery. Regulators must price in externalities by force of law. Corruption must be minimized.

Above all, you need an effective government at the core. Markets are fantastic for helping large groups of people make locally optimal decisions within global constraints, but you have to be able to establish those global constraints effectively. Water rights, climate impact, employment structures, supply chain resilience… none of that stuff is inherently baked into prices, and governments won’t fix those problems unless they’re solution-focused with low levels of corruption.