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"The market" is not some all-powerful, benevolent force that will always achieve the best outcome for humanity or society as a whole. Markets are disproportiona
by jfk13 7y ago
"The market" is not some all-powerful, benevolent force that will always achieve the best outcome for humanity or society as a whole. Markets are disproportionately controlled by the current holders of wealth (and therefore power), who will naturally tend to seek their own advantage at the expense of others. And so some kinds of regulation are often appropriate to protect the less powerful participants.
- throw0x1away 7y agofree market IS all-powerful. times change, technological progress moves forward, financial powers rise and fall, it's natural, it's evolution, a chaos controlled by the market (and not by the billionaires, it's not Russia). If you interfere, you are making things worse, delaying the inevitable, promoting dependence, killing individuality (or even progress).
- SeanBoocock 7y agoThe market is not some emergent natural phenomenon. It is a construct to facilitate human interaction. We already heavily circumscribe the “free market” and I don’t understand reactions to market failures that amount to “Well we can’t do anything about that”. Of course we can, it exists for us, not the other way around.