acbytesla
Penultimate Amazing
- Joined
- Dec 14, 2012
- Messages
- 39,491
Nothing works as well as the free market to do what?
eta: To expand a little, I think a government solely dedicated to, and centered around, capitalism is just as bad as a government solely dedicated to, and centered around socialism. A capitalist approach is better for handling some things. A socialist approach is better for handling other things. I don't want my first responders to be a capitalist system, for example. There is probably an optimum mix of the two, but I won't claim to know exactly what that mix is.
That's the problem. I'd have to write a dissertation to expand properly. Prices being set by supply and demand not government fiat are best. But that is assuming the participants are informed and can act freely. The failures of market economics occur when there are monopolies or where participants are not informed and can't act freely without coercion.
Healthcare for example is an area where the majority of consumers are poorly informed and they will never be adequately equipped to make decisions.
But I've seen how efficiently markets can operate. I have a friend of mine who is sort of a protectionist liberal. He likes much of what Trump is doing with the tariffs. He complains when he reads about companies that buy overseas to get lower prices. But that doesn't stop him from shopping for the best prices on the items he shops for.
The simple reality is right out of Adam Smith with each of us working in our own best interest. This is both true and short sighted. John Nash's approach was better. That is to do what is best for ourselves and the group.
I'm in favor of tweaks to capitalist economics that make it fairer and more efficient. Pure laissez faire capitalism works better than ANYTHING...
for about a day. It burns hot and then burns itself out. It inevitably leads to a concentration of wealth and its own version of a command economy.