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In my experience (Economics PhD) the term "command economy" is used to describe a theoretical extreme where the government dictates all consumption and producti
by JesperRavn 11y ago
In my experience (Economics PhD) the term "command economy" is used to describe a theoretical extreme where the government dictates all consumption and production decisions, while "free market", unqualified, refers to the situation where the government only enforces property rights.
"Pure capitalism" would be a synonym for "free market" although it's rarely used academically, I guess because the term capitalism is a lot less descriptive that "free market".
Terms like "mixed economy" just refer to somewhere in between these two extremes.
As I said, economists are not particularly interested in giving things accurate names, or classifying them. They mighty do this occasionally, as is necessary especially when communicating with people outside the field, but the field itself relies mainly on mathematical models, not sociological categories. That is why I feel the need to correct someone who, speaking with an authoritative tone, claims to know that "free market" and "capitalism" have precise and different meanings.
- cromulent 11y agoHmm... "the field itself relies mainly on mathematical models, not sociological categories" - I'll have to disagree. Especially with behavioural economics. I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker.
- JesperRavn 11y ago>I also disagree that free markets are the same thing as capitalism, as does Benjamin Tucker. Please never phrase your opinion like this ever again. Whatever interest I had in knowing what Benjamin Tucker said about this issue, I've lost due to your smugly phrased sentence.
- cromulent 11y agoI guess you are not open to more information about economics then. You may be surprised on how smug and condescending your own comments appear :)
- JesperRavn 11y agoI would be more than happy to hear more information, if only you would provide some. I have no idea who Benjamin Tucker was and how he is relevant. Even though I claim to speak with authority because of my PhD, I don't consider that condescending or smug, and a person is free to judge that my education is worthless if they like. But throwing out names of very obscure people in place of an actual argument is objectively smug and rude.
- cromulent 11y agoYou are now making me laugh :D