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I mean, the CEO and the employees are literally part of the free market.

Swenrekcah 7y ago
Sure, but he’s saying it wasn’t market forces that motivated them but their sense of civic duty. That is something that “the market” often lacks in their relentless pursuit of shareholder value.
- malandrew 7y ago
  On what fact is he basing it on civic duty? There's literally nothing to support that. They started work on the tests before the disease even arrived in South Korea. It was the CEO reacting to perceived likelihood of future demand for such kits.
- Mirioron 7y ago
  The market might often lack it, but isn't that simply an untapped resource? After the crisis is done the company can go on claiming how much they did to help far and wide. It's hard to find a better advertisement, especially since it's the company itself that's helping and not just some endorsement from elsewhere.
- refurb 7y ago
  Are you saying the CEO didn't consider, at all, the business implications of focusing on producing the tests?
- tathougies 7y ago
  > That is something that “the market” often lacks in their relentless pursuit of shareholder value. This is nuts. The market doesn't pursue shareholder value. Corporations do. However, the market, which consists of consumers and small producers as much as corporations, certainly does not always, as is seen in consumers (and frankly corporations as well) oftentimes irrational behavior.
  - Swenrekcah 7y ago
    I concur that my statement is not entirely accurate, but if we apply the same nuance to the general sentiment I was replying to, surely we will conclude that we should absolutely not rely upon “the market” to prepare for and carry out disaster response.
jbay808 7y ago
So is the wild animal trade that introduced the virus? I mean if something is just shorthand for "things people do", it gets credit and blame for a lot of things...
- marcosdumay 7y ago
  It's better defined as things people do freely, and out of self interest (that's flawed too, but it's better). And yep, that trade is "market" too. And it does get blamed for a lot of things, some of them unwarranted.
  - jbay808 7y ago
    Depending on what you mean by "self interest", it sounds like market forces are why people fall in love, nurture their children, volunteer at the hospice, listen to stories around the campfire, say their prayers at night, and brush their teeth before bed...
Gibbon1 7y ago
I suspect that the CEO and the companies employees gave two shits about your precious free market when they decided to implement a crash program to develop tests.

Sure, but he’s saying it wasn’t market forces that motivated them but their sense of civic duty. That is something that “the market” often lacks in their relentless pursuit of shareholder value.

malandrew 7y ago
On what fact is he basing it on civic duty? There's literally nothing to support that. They started work on the tests before the disease even arrived in South Korea. It was the CEO reacting to perceived likelihood of future demand for such kits.
Mirioron 7y ago
The market might often lack it, but isn't that simply an untapped resource? After the crisis is done the company can go on claiming how much they did to help far and wide. It's hard to find a better advertisement, especially since it's the company itself that's helping and not just some endorsement from elsewhere.
refurb 7y ago
Are you saying the CEO didn't consider, at all, the business implications of focusing on producing the tests?
tathougies 7y ago
> That is something that “the market” often lacks in their relentless pursuit of shareholder value. This is nuts. The market doesn't pursue shareholder value. Corporations do. However, the market, which consists of consumers and small producers as much as corporations, certainly does not always, as is seen in consumers (and frankly corporations as well) oftentimes irrational behavior.
- Swenrekcah 7y ago
  I concur that my statement is not entirely accurate, but if we apply the same nuance to the general sentiment I was replying to, surely we will conclude that we should absolutely not rely upon “the market” to prepare for and carry out disaster response.

jbay808 7y ago

So is the wild animal trade that introduced the virus? I mean if something is just shorthand for "things people do", it gets credit and blame for a lot of things...

marcosdumay 7y ago
It's better defined as things people do freely, and out of self interest (that's flawed too, but it's better). And yep, that trade is "market" too. And it does get blamed for a lot of things, some of them unwarranted.
- jbay808 7y ago
  Depending on what you mean by "self interest", it sounds like market forces are why people fall in love, nurture their children, volunteer at the hospice, listen to stories around the campfire, say their prayers at night, and brush their teeth before bed...

Gibbon1 7y ago

I suspect that the CEO and the companies employees gave two shits about your precious free market when they decided to implement a crash program to develop tests.