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> In the end, why do we even allow markets? Because it's the best we got, historically. Decentralized price mechanism outperforms wetware planning at allocatin
by pphysch 5y ago
> In the end, why do we even allow markets?
Because it's the best we got, historically. Decentralized price mechanism outperforms wetware planning at allocating resources efficiently. Now software has changed that and central planning is much more capable.
Truly pure free market economies are virtually impossible, because as soon as the first firm is formed, it becomes a mixed economy. That is, economic transactions done within the firm are not done according to the global price mechanism, but to other rules and conventions. And the only way to prevent firms from being formed would be some extreme regulation i.e. central planning...
- ddingus 5y agoAnd does it not follow the idea of free markets is questionable? I have long thought it is. Historically, we got all of this out of the need to benefit from our collective labor and resources, developed tech... The only reason there are markets at all is for our mutual benefit. And it follows from there to evaluate market rules to insure that actually happens.