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> political processes have not allowed those signals to reach "the economy" This right here is the achilles heal of free market theory.
by rusk 6y ago
> political processes have not allowed those signals to reach "the economy"
This right here is the achilles heal of free market theory.
- baq 6y agothe market can and will correct itself. there are two problems however: - actually getting rules implemented and enforced (political suicide by regulators - had an example of that in my own country just a couple months ago, made a mess in the government, the new rules didn't pass in parliament, governing party lost 10 pp in polls anyway) - very irregular period of convergence from old rules to new (societal turmoil guaranteed, political consequences very likely) - see thatcher's closure of British coal mines for a good example
- black_puppydog 6y agoyou forgot problem number three: - the market as such will correct itself but is entirely unconcerned with the welfare of human beings in the meantime, and will continue to be unconcerned with it afterwards.
- baq 6y agoactually that was my point in problem 2...
- rusk 6y agoSounds like no true Scotsman