alt Hacker NewsIn practice, markets were managed since the Bronze Age. Back then, authorities set wages and prices through palace and temple institutions, standardized weights, etc.
In practice, markets were managed since the Bronze Age. Back then, authorities set wages and prices through palace and temple institutions, standardized weights, etc.
Standardisation can be useful but the standard has to concord with reality. The IETF model of networking works, because their approach was to build some networks, see how they work, and then standardize that. The OSI model never worked, because the OSI approach was to think really long and hard about how a network would work, standardize it, and then build some networks following the standard.
If you see a variety of food vendors with prices between $6-$8 you might push for standard price of $7. You shouldn't push for a standard price of $1 or $100 because that just won't work, no matter how hard you try - best case everyone ignores you, worst case no one trades food within your zone of authority any more.