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>> supposedly efficient capitalistic market > Unfortunately that's not what we have We're stuck because "invisible hand" zealots keep doubling down on deregul
by rectang 9y ago
>> supposedly efficient capitalistic market
> Unfortunately that's not what we have
We're stuck because "invisible hand" zealots keep doubling down on deregulation when faced with the phenomenon of market failure, as if they stay willfully ignorant of "market failure" the market will magically start behaving.
- crocal 9y agoThis is a very important and valid point you are making. "Invisible hands" zealots are at the heart of the problem. Unregulated markets can and do screw up. This fact has been demonstrated and accepted by most economists now [1]. Yet, US policy makers (and apparently tax payers) seem stuck on a deregulation rampage [2]. The consequences of this have been predicted by Adam Smith. Some necessary maintenance tasks will not get done, because without regulations, they will have no immediate return on individual wealth [1] http://www.thefiscaltimes.com/Columns/2013/06/18/7-Important-Examples-of-How-Markets-Can-Fail http://www.thefiscaltimes.com/Columns/2013/06/18/7-Important... [2] https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-delivering-deregulation/ https://www.whitehouse.gov/briefings-statements/president-do...