mechanism design increases our appreciation of markets, if only by
showing how difficult it is to produce good outcomes while respecting
the constraints that markets must satisfy. In a sense, mechanism design
is to markets what genetic algorithms are to life. Theorists may one
day design a better market mechanism or a better genetic code but for
now the gains will come from using our deeper understanding to gently
improve something that’s already pretty marvelous.
That’s me writing at Reason.