Supporting Moldbug

Moldbug has a new post up that I'm very fond of.  While maintaining his normal, somewhat over-the-top style, he nonetheless brings up some very good points.  His line:

Step A is formalization. It's a reality of modern American life that race confers privilege. As a reactionary, how can I possibly object? A society without hereditary privilege is like a cheeseburger without cheese. [...]

We move on to step B, which will warm the cockles of Hayek's dead heart and bring happiness to liberaltarians everywhere. Advancing from status to contract, we take our newly-securitized race rights, and make them transferable. Let a sweet wind of capitalism blow!

I of course, am no better than ambivalent about Step A...and prefer the James Webb direction:

Beyond our continuing obligation to assist those African-Americans still in need, government-directed diversity programs should end.

 However, step B is very close to genius.  It's certainly the best idea I've ever seen come out of Moldbug (yeah, yeah, Hayek, libertarian, etc.).  Really, though, what Moldbug has done is endorsed Coase, rather than Hayek.  Assign property rights any which way you like...so long as they're assigned and transferable, and the economically efficient result will occur, if the transaction costs are low enough.  As always, the Aretae position on who was the most important thinker of the 20th century comes down to a discussion between Hayek and Coase. 

I recommend reading the whole thing, chez Moldbug...even the parts I disagree with.