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I was going to respond with something along the lines of "how's that working out for you" but really Alan Greenspan is still a staunch capitalist that would mor
by 3pt14159 15y ago
I was going to respond with something along the lines of "how's that working out for you" but really Alan Greenspan is still a staunch capitalist that would more or less agree with the quote above. If anyone has had the benefit of studying the market since that time it would be him.
Edit: After a minute of posting this I've realized I've committed a logical fallacy, Appeal to Authority. Granted I was responded to a comment based on a logical fallacy (Appeal to Time?) but I would like to expand my thoughts.
The best way to allocate resources is to have knowledgeable parties commence in free exchange. The role of government is to ensure that force and fraud are absent from the marketplace. If there is any further goal of the government it could possibly be encouraging the spread of information, although that is rife with conflicts of interest.
Even if Obama's fund nets a positive return, the cost at which it does is unknown. Pumping money into sectors of the economy mis-aligns investment. The free market is the best allocator of wealth.
- rayiner 15y ago> The best way to allocate resources is to have knowledgeable parties commence in free exchange. The role of government is to ensure that force and fraud are absent from the marketplace. If there is any further goal of the government it could possibly be encouraging the spread of information, although that is rife with conflicts of interest. We have about 50 years of research showing that there are way more barriers to efficient allocations via the market than just information asymmetries. Start here: http://www.hss.caltech.edu/~camerer/ribe239.pdf http://www.hss.caltech.edu/~camerer/ribe239.pdf