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The free market allocates resources based on competence at the task of acquiring resources, which doesn't always equate to virtuous contribution. I think it wor
by smolder 7y ago
The free market allocates resources based on competence at the task of acquiring resources, which doesn't always equate to virtuous contribution. I think it works because it gets some utility out of people's greed instead of none, while appeasing the powerful instead of mobilizing their power against it.
- joshuaheard 7y agoThe free market allocates resources based on the competence of producing goods and services valued by others using money as the medium of exchange. People get utility from voluntary mutually beneficial transactions that satisfy their needs.
- smolder 7y agoThat's the ideal, and you're not wrong, but it ignores the behavioral piece of what really goes on in the world.
- JoeAltmaier 7y agoI saw what you did there - changed the story to 'virtuous' from 'competence'. I call foul!