[ExI] Belief in Market Efficiency.
thespike at satx.rr.com
Sat Jan 31 20:22:54 UTC 2009
At 01:36 PM 1/31/2009 -0500, John K Clark wrote:
>>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.
>Most free market people I know have some sense and don't claim it
>always does the right thing, they just claim it is more likely to do
>so than a bunch of political hacks.
John, most people I know who are mistrustful of the ideology of "free
efficient markets" (a great idea in the abstract, not so much in
Enron or Madoff practice) also have some sense, and seldom proclaim
as an alternative some mythical "infinitely wise leader who always
made brilliant and moral decisions" (Mugabe, perhaps?). Yes, there
are political hacks, obviously--but other kinds of hacks as well, and
worse. The world is replete with crooks, rule-bound idiots, scammers,
manipulators, cardsharps, rogues, liars, thugs, hitmen for hire,
dupes, the imprudent, the lazy, the self-sickening obese, the
spendthrift, the deluded theorists, the short-sighted, the
racketeers... It's a wonder the world's economies are not spinning
down into ruin. Oh, wait.
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