The following paragraphs are from pages 60 through 61 of Thomas Sowell’s Intellectuals and Society.
For several years, I’ve theorized that any problem can be sourced to a problem with a feedback loop. Supernanny knows this. Kids aren’t bad. The feedback the parents provide their kids is usually to blame. Overweight people choose to ignore the feedback the scale or BMI provides. Moral hazard is a feedback problem. Car accidents are usually a result of a feedback problem, whether it be with a driver or with the vehicle system.
In these paragraphs, Sowell eloquently writes about feedback problems, markets and goverment. He uses the term consequential feedback. I wish I would have thought of that.