3 ms·

I've heard about that, it went about as well as one might expect. I find it really bizarre because it's like they didn't even try. They really just thought tha

• imtringued 4y ago
  This is one of the problems.with equilibrium theories. They don't describe how the equilibrium is reached, they simply assume it will be reached.
• red-iron-pine 4y ago
  There is the concept of economic externalities[1] that drive costs up in ways that people don't even think about. Like mail delivery. If you didn't have paved roads and police then all of your deliveries would have to be, essentially, in armored cars with good shocks (i.e. almost off-roading capabilities). The cost of operating those vehicles is high, and the costs to you to ship a parcel would also be absurd. FedEx can get a shipment to you in 3 days because there is a robust infrastructure that isn't besieged daily by robbers This isn't an abstraction: Wells Fargo got its start moving money across the "wild west" in armored transports. There was a reason for that, and they were often the only (expensive) option for shipping if there wasn't a train or regular trade route though rural towns. They even had custom shotguns (the original "coach guns" made for that specific purpose.[2] [1] https://en.wikipedia.org/wiki/Externality https://en.wikipedia.org/wiki/Externality [2] https://en.wikipedia.org/wiki/Coach_gun https://en.wikipedia.org/wiki/Coach_gun
• mrguyorama 4y ago
  It makes perfect sense when you realize their world view was based in naivety and ignorance and belief. They quite literally believe that capitalism magically fixes everything.