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We don't need to add restrictions on private property and contracting rights to those challenges. The axiom "reject improvements if we don't need to do them" (

We don't need to add restrictions on private property and contracting rights to those challenges. The axiom "reject improvements if we don't need to do them" (whatever "need" means - we don't "need" to do anything) seems a poor guide. What if we want improvements? Or is this axiom just "reject restrictions"? What if those restictions make things better? Is this a kind of religious axiom; that it's morally right at some higher level to reject restrictions, even if they'd make things better? Does that apply to everything, or just economics?

CryptoPunk 8y ago
Restrictions on voluntary interaction will not outperform unrestricted voluntary coordination. The latter evolves toward more optimal configurations as a result of the incentive each individual has to improve their station in life. Interactions that don't make the circumstances of the two parties to the interaction better than they otherwise would be are not sustainable in a free market, while those that do, are selected for, and this is because both parties have a right to choose the best option available to them. A broad-based restriction is a one-size-fits-all-solution that will inevitably lead to less optimal outcomes in numerous cases. Society and economy are too complex to deal with based on broad over-simplifying generalizations about entire classes of interaction.
- EliRivers 8y ago
  The latter evolves toward more optimal configurations as a result of the incentive each individual has to improve their station in life. I understand that this economic axiom has been discredited. For example, by the work of Nash. Society and economy are too complex to deal with based on broad over-simplifying generalizations about entire classes of interaction. Yet you keep making them. If you think such broad, simplistic generalisations don't apply, why keep making them?
  - CryptoPunk 8y ago
    I understand that this economic axiom has been discredited. For example, by the work of Nash. Can you elaborate? I'm not familiar with any Nash work that discredits it. I know that game theory models show that the principle of First Possession (which many animals exhibit and which is the foundation of free market interaction) minimizes conflict, and moreover, that in a perfectly competitive free market, all interactions lead to Pareto Improvements. Yet you keep making them. If you think such broad, simplistic generalisations don't apply, why keep making them? It's not a generalization. It's a conclusion based on inductive reasoning about the implications of the economic structure of reality, like people being self-interested, and companies that earn less revenue contracting while those that earn more expand. It's no different than believing that all life is subject to evolutionary forces.

CryptoPunk 8y ago

Restrictions on voluntary interaction will not outperform unrestricted voluntary coordination. The latter evolves toward more optimal configurations as a result of the incentive each individual has to improve their station in life. Interactions that don't make the circumstances of the two parties to the interaction better than they otherwise would be are not sustainable in a free market, while those that do, are selected for, and this is because both parties have a right to choose the best option available to them. A broad-based restriction is a one-size-fits-all-solution that will inevitably lead to less optimal outcomes in numerous cases. Society and economy are too complex to deal with based on broad over-simplifying generalizations about entire classes of interaction.

EliRivers 8y ago
The latter evolves toward more optimal configurations as a result of the incentive each individual has to improve their station in life. I understand that this economic axiom has been discredited. For example, by the work of Nash. Society and economy are too complex to deal with based on broad over-simplifying generalizations about entire classes of interaction. Yet you keep making them. If you think such broad, simplistic generalisations don't apply, why keep making them?
- CryptoPunk 8y ago
  I understand that this economic axiom has been discredited. For example, by the work of Nash. Can you elaborate? I'm not familiar with any Nash work that discredits it. I know that game theory models show that the principle of First Possession (which many animals exhibit and which is the foundation of free market interaction) minimizes conflict, and moreover, that in a perfectly competitive free market, all interactions lead to Pareto Improvements. Yet you keep making them. If you think such broad, simplistic generalisations don't apply, why keep making them? It's not a generalization. It's a conclusion based on inductive reasoning about the implications of the economic structure of reality, like people being self-interested, and companies that earn less revenue contracting while those that earn more expand. It's no different than believing that all life is subject to evolutionary forces.