We, the People

One is forced to the generalization that at the level of the individual it is all exogenous, while at the level of the society, it is all endogenous. Take the market, for instance. To an individual, price is something that is a given and whether he or she participates in the market or not, cannot change the price. Price is determined externally and is indifferent to the efforts of the individual. It arises from almost magically from the collective interactions of the individuals in the market. Price arises out of, and is a reflection of, “the collective will” of the people, so to speak. Prices are democratically determined in competitive markets. Which brings me to the other example of the generalization above: governance.
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