[ExI] philosophy poll

[ilsa]

Manly Hall

On Tue, Aug 27, 2019, 1:48 PM spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

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> *From:* extropy-chat <extropy-chat-bounces at lists.extropy.org> *On *
> *Subject:* Re: [ExI] philosophy poll
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> >>…Market failures are what causes market successes. spike
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> >…OK you knew when you wrote that that I was going to ask about it.  I
> thought market failures, like 2008, were caused by nearly worthless
> instruments bundled with totally worthless ones and sold to dupes.  I can
> see where, having made such a big boner of an error, that they won't do
> that again (?), but is that the cause you refer to?  bill w
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> No, I meant companies compete with each other, they make stuff,  some of
> their products succeed, others fail.
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> Ford built a car called the Edsel for instance, with lots of safety
> features such as seatbelts and such.  Meanwhile GM built faster cheaper
> cars, and ate Ford’s lunch.  The Edsel was a market failure, the Impala is
> much loved to this day.  Ford took the Edsel seatbelts and built a new,
> better car around them (the Mustang.)  The companies competed, the
> consumers won.
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> Communism suppresses market competition. Their manufactured stuff doesn’t
> evolve.  Our does.
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> Regarding stock market failures in 2008, that was success: without outside
> assistance, the invisible hand of capitalism found the real value of the
> investments being sold.
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> spike
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