[ExI] Belief in Market Efficiency.
thespike at satx.rr.com
Sat Jan 31 17:55:45 UTC 2009
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?
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