[ExI] Belief in Market Efficiency.

[Damien Broderick]

At 12:29 PM 1/31/2009 -0500, John K Clark wrote:

>It is often pointed out that the free market does not work as well as an
>infinitely wise leader who always made brilliant and moral decisions. To
>that criticism I can only say, yea you're right.

Is that still *often* pointed out, all these years after Stalin?

It is more often pointed out that a regulated market does not work as 
well as an infinitely wise unregulated market that always makes 
brilliant and moral decisions. To that criticism I can only say, I 
thought the US system of governance was notable for being founded on 
"checks and balances". Or doesn't that apply outside the strictly 
political/judicial sphere, and if not why not?

Damien Broderick