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It's not a lie. It just says that under any set of constraints you define, a free market will arrange itself in the optimal way. The market, by itself, is blind
by akomtu 4y ago
It's not a lie. It just says that under any set of constraints you define, a free market will arrange itself in the optimal way. The market, by itself, is blind, and its optimal state is as good as your constraints. Under no constraints, the most efficient "eigenfunction" of the market is one uber monopoly.
- Jon_Lowtek 4y agoThe ideal of self regulation the grandparent calls a lie is not about markets adjusting to optimally fulfill regulatory constraints, but the believe that such regulation is unnecessary, because market participants will factor in ethical concerns, removing unethical practices by not doing business with those using them.
- cfraenkel 4y agoYou're conveniently moving the goalposts when the original premise no longer passes the smell test. I'm old enough to remember the original talking points selling 'self-regulating markets. "A rising sea raises all boats" and plenty more of that ilk. Just a poorly disguised fig leaf covering 'take from those with less, and give to those with more'.