Quote:
Originally posted by Macheath
I don't understand onetime2; he is not coming out against capitalism altogether but rather against the idea, held with almost religious fervour in some modern economics faculties, that the free market is an infallible and perfect entity.
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He now wants markets controlled in some way to insure the "greater good". How can this be accomplished? Who will decide the greater good? Will these goals be voted on? It's doubtful. In a free market the outcomes are "voted on" by spending and consumer choice. How will this be accomplished in his ideal world?
He points to our fallibility in understanding markets and a lack of perfect information and yet wants intervention in the markets by a government or group made up of fallible people. Is it better to put the greater good in the hands of a select few or keep the power in the hands of many?