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Even the most liberal of economists must be thinking: "this sounds like a job for... the market!"
by jeffdavis 12y ago
Even the most liberal of economists must be thinking: "this sounds like a job for... the market!"
- EliRivers 12y agoEconomic liberalism is pro free-market. Do you mean the least liberal of economists?
- jeffdavis 12y ago"Liberal," like fairness, means different things to different people. In America, where this forum is based, it means significant government involvement. But I could have been less ambiguous.
- ScottBurson 12y agoYes, it's quite an unfortunate terminological collision. American "liberals" tend to dismiss the power of the market. This is quite a different attitude than that denoted by "liberal" in the context of economics.
- guelo 12y agoI think it would be more correct to say that American liberals tend to dismiss the power of the market to produce the optimal result across all concerns not just GDP. Markets do a poor job at things like protecting the environment, and egalitarianism. Also, markets in practice tend to obstruct the sharing of information that is needed by theoretically ideal markets. Also, as capital accumulates free markets tend towards forming monopolies.
- venomsnake 12y agoBecause this is a textbook case where you have good elasticity.