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17 March 2013 @ 10:15 am
Yes, I believe in the free market, but:  
Yes, I generally like the idea of a free market -- that is, I think it's good when goods and services are allocated according to the decisions of the free choice of economic actors within a society. Also, I generally dislike the idea of government running my life. Having said that:
  1. Imperfect information is real.

  2. Transaction costs are real.

  3. Externalities are real.

  4. There is much sociological, psychological and neurological evidence that human beings do not always (or even usually) behave as economically rational actors.

  5. The overall costs on society and the economy resulting from these factors are enormous.

  6. The central function (possibly the only function) of government is to accomplish those things which would not ordinarily occur through the workings of an unencumbered free market.

Under facts such as these, regrettably we must allow and even encourage government to influence, regulate, and yes, sometimes even control some aspects of commerce.

I am, in other words, just about as pure an old-fashioned liberal as it's possible to be.
Current Location: Home
Current Mood: Thoughtful
Current Music: Philip Glass, Akhnaten
[ein od milvado]: garfield_ideaprezzey on March 17th, 2013 08:12 pm (UTC)
This is totally unrelated but I loved your story in Clockwork Phoenix 4 :]
Ken: Blowing Kissken_schneyer on March 17th, 2013 08:15 pm (UTC)
Thanks, Bogi! Did Mike send you an advanced copy because you're a reviewer?
[ein od milvado]: samnmax_bookprezzey on March 17th, 2013 09:52 pm (UTC)
Yup, I just haven't been able to get to it yet save for a story here and there... I'm taking it with me to the hospital so I might be able to finish reading it there ^^;;;
madderbradmadderbrad on March 24th, 2013 12:47 pm (UTC)
I think we're living in times which will demonstrate the failure of 'Extreme Capitalism'. Privatised profits but socialised losses; more and more artificial financial 'products' conjured to generate money for/within the inner circle; the Western world preferring to escalate debt (ceilings) rather than bite the bullet and adopt the work ethics of the previous generation which resulted in our current state of (unpaid for) luxuries. Sending our jobs overseas while our own citizens study 'soft' courses and watch reality television. It's the doom of Western civilisation!

I.e., I agree, I think the current goings on prove that 'extreme capitalism', unfettered, is dangerous.