<div dir="ltr"><div class="gmail_default" style="font-family:comic sans ms,sans-serif;font-size:small;color:#000000"><span style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif">Market failures are what causes market successes. spike</span><br></div><div class="gmail_default" style="font-family:comic sans ms,sans-serif;font-size:small;color:#000000"><span style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif"><br></span></div><div class="gmail_default" style="font-family:comic sans ms,sans-serif;font-size:small;color:#000000"><span style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif">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</span></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Tue, Aug 27, 2019 at 2:15 PM Brent Allsop via extropy-chat <<a href="mailto:extropy-chat@lists.extropy.org">extropy-chat@lists.extropy.org</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div dir="ltr"><br><div>We were at the Louvre in Paris, last week.</div><div>I got this picture of my favorite Descartes.</div><div><br></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, Aug 22, 2019 at 9:18 AM <<a href="mailto:spike@rainier66.com" target="_blank">spike@rainier66.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div lang="EN-US"><div class="gmail-m_-2191293318232583881gmail-m_1362955997997020659WordSection1"><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">Hi Will,<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">I believe in market failures too. Market failures are what causes market successes. The beauty of Capitalism is that it presents consumers with both the winners and the losers. We get to choose which is which.<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">In communism, the unelected government dictates who are the winners and the losers.<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">This is why capitalism produces corvettes and Cadillacs, while communism produced Trabis and… well, a bunch more Trabis. <u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">Fun aside for car guys: most of the Soviet-era cars were actually German designs. They didn’t change much over the years, and why should they? The factory sold all they could produce, so why improve the design? Besides, they already had the machines to make this design. They seized them from the Nazis in 1945.<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">Another fun aside for car guys: there is a Russian car club which holds occasional rallies. If you want a lesson in the magic tricks perpetrated by the Invisible Hand of Capitalism, go to that rally, look at those commie-build cars, oh dear evolution, what (if anything) were these guys thinking? When the Japanese started importing cars the US in the early 60s they had a reputation for being cheapy junk. Do let me assure you, the Russians defined the term and taught the Japanese. You have never seen cheapy junk until you have seen a Russian built car from the 80s, oh mercy.<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal">spike<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal"><u></u> <u></u></p><p class="MsoNormal"><b>From:</b> extropy-chat <<a href="mailto:extropy-chat-bounces@lists.extropy.org" target="_blank">extropy-chat-bounces@lists.extropy.org</a>> <b>On Behalf Of </b>Will Steinberg<br><b>Sent:</b> Thursday, August 22, 2019 7:21 AM<br><b>To:</b> ExI chat list <<a href="mailto:extropy-chat@lists.extropy.org" target="_blank">extropy-chat@lists.extropy.org</a>><br><b>Subject:</b> Re: [ExI] philosophy poll<u></u><u></u></p><p class="MsoNormal"><u></u> <u></u></p><div><div><div><p class="MsoNormal" style="line-height:15pt"><span style="font-size:10pt;font-family:Arial,sans-serif;color:rgb(34,34,34)">On Thu, Aug 22, 2019 at 9:33 AM Giulio Prisco <<a href="mailto:giulio@gmail.com" target="_blank">giulio@gmail.com</a>> wrote:<u></u><u></u></span></p><blockquote style="border-top:none;border-right:none;border-bottom:none;border-left:1pt solid rgb(204,204,204);padding:0in 0in 0in 5pt;margin-left:4.15pt;margin-right:0in;word-spacing:0px"><div><div><p class="MsoNormal" style="line-height:15pt"><span style="font-size:10pt;font-family:Arial,sans-serif;color:rgb(34,34,34)">William James<u></u><u></u></span></p></div></div></blockquote><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Quite a pragmatic post ;)<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div></div></div><div><div><p class="MsoNormal"><u></u> <u></u></p><div><div><p class="MsoNormal">On Thu, Aug 22, 2019, 10:04 <<a href="mailto:spike@rainier66.com" target="_blank">spike@rainier66.com</a>> wrote:<u></u><u></u></p></div><blockquote style="border-top:none;border-right:none;border-bottom:none;border-left:1pt solid rgb(204,204,204);padding:0in 0in 0in 6pt;margin-left:4.8pt;margin-right:0in"><div><div><p class="MsoNormal"> <u></u><u></u></p><div><div><p class="MsoNormal">Excellent choice. Adam Smith had economics figured out way back in the 1770s. Had Karl Marx been a reader of English and had Adam Smith’s 1776 book Wealth of Nations, the horror of communism would never had needed to infect the planet.<u></u><u></u></p><p class="MsoNormal"> <u></u><u></u></p><p class="MsoNormal">spike<u></u><u></u></p></div></div></div></div></blockquote><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">I'm not sure where to start with this one, but maybe first off I would say that Karl Marx did read WoN, and other Smith, as if it wasn't painfully obvious.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Capital is part of the lineage of WoN, cf. labor theory of value. Also. Smith was pretty much pre-capitalist and probably would have chosen his words more carefully if he could have seen the influence that WoN would have. <u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">I like to say that Capital is the book that Adam Smith would have written if he had the luxury of being able to read Wealth of Nations like Marx was able to.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Have you read both? Or just hate them damn pinkos, Sen. McCarthy?<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">NB: A lot of modern day economists might take umbrage at the idea that Smith "had economics figured out", especially because he was not able to see modern capitalism at its finest.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">BTW, I am not a communist, I just believe in market failures. As does any economist worth their salt.<u></u><u></u></p></div></div></div></div></div></div></div>_______________________________________________<br>
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