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You are talking about an unrealisable ideal. If you disagree with this write out and publish a proposal detailing how a stable free market society would work.
by Normal_gaussian 10y ago
You are talking about an unrealisable ideal. If you disagree with this write out and publish a proposal detailing how a stable free market society would work.
Such an essay should show you that some level of regulation is required, or else the proposal will be easy to tear down.
Or, if I am wrong, it will become renowned for its content.
- dmichulke 10y agoI can recommend H. Hazlitt "Economics on one Lesson", lots of the work of L. Mises and if by free you mean really really free, look for H. H. Hoppe or M. Rothbard. There are lots of essays about this and they claim it's realisable but the current power structures (such as state/government/central bankl) won't ever give away their power voluntarily.
- ubernostrum 10y agoAmusingly, all such theories tend to be based in the assumption that the humans in the market will be perfectly informed and perfectly rational, but there's an article on the front page about the irrational biases people have when participating in markets...
- dmichulke 10y agoSorry to respond so late but I just saw this now. I hear this argument often but in a free market the best (and not the perfectly informed) will perform best. Best here means the one making the best out of the given information which may still be very little. Likewise, rationality helps but it's not at all a prerequisite. I wonder where people pick this up, I sincerely heard it often but I fail to see why one needs rational agents or perfect information. I would appreciate an elaboration of your thoughts (that is, if you want to continue the discussion).