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“What the market produces is good because it is what the market produces” At the end of the day the position of free market fundamentalists always comes down t
by comte7092 3y ago
“What the market produces is good because it is what the market produces”
At the end of the day the position of free market fundamentalists always comes down to a tautology.
- hellojesus 3y agoFree markets don't allocate capital in the best way measured by societal goodness. They allocate capital in the most efficient way relative to the demands of other participants. This means that goods/services are regularly not produced because it is unprofitable. If for some reason local news is profitable, then anyone that wants to consume it could easily step in to produce it. Efficiency doesn't necessarily mean good. But it does prevent or at least minimize wasteful economic activity. Anything outside that realm is a good candidate for a hobby.
- comte7092 3y ago> Efficiency doesn't necessarily mean good. That’s my point, just because it’s a product of the market, doesn’t mean it is what’s best for society.
- hellojesus 3y agoAgreed, but it's still the best method of determining "good" we've designed as humans.