[ExI] philosophy poll

[spike at rainier66.com]

From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On 
Subject: Re: [ExI] philosophy poll

 

>>…Market failures are what causes market successes. spike

 

>…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

 

 

 

No, I meant companies compete with each other, they make stuff,  some of their products succeed, others fail.  

 

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.

 

Communism suppresses market competition. Their manufactured stuff doesn’t evolve.  Our does.

 

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.

 

spike

 

 

 

 

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