[ExI] Belief in Market Efficiency

[hkhenson]

At 09:34 PM 1/30/2009, you wrote:


> > Subject: Re: [ExI] Belief in Market Efficiency
> >
> > From: "Damien Broderick" <thespike at satx.rr.com>
> >
> > > At 03:16 PM 1/30/2009 -0700, Thomas wrote contra regulation:
> > >
> > >>Free market traders with education, enlightenment and refinement
> > >>(civilized) have the advantage over savages.

It is downright interesting to look into where "enlightenment and 
refinement" came from.  Gregory Clark makes a really strong case that 
it was due to a vicious (if accidental) selection process.  20 
generations of simple but strong selection were enough to turn wild 
foxes into a very close approximation of domestic dogs.  Clark's 
evidence is that 20 generations of the ancestors of the people who 
brought about the industrial revolution were likewise selected.

> > > And, until 150 years ago, often owned them as chattels. (Or
> > were those not free market traders?)
>
>The slavers were not free market traders, for there was the threat of force
>of government to discourage the chattel from rising up and slaying their
>"owners."  True free markets assume every person equal and free.

Equal rights under law is one thing, but if there is one thing we do 
know it is that people are *not* equal in other directions.

Keith