The "Magic Market" Myth

Discussion in 'Economy' started by Truthmatters, Dec 29, 2008.

  1. Truthmatters
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    POAC Columnists


    Looking back through history, we might wonder how it is possible that intelligent and educated people once accepted uncritically such notions as astrology, judicial trial-by-combat, the demon-possession theory of disease, and alchemy. Today, more and more sophisticated observers of society and politics are wondering how homo economicus, a creature bereft of sympathy, humanity, and noble aspiration, and "the perfect market," a "place" devoid of any social contacts more elevated than market transactions, ever came to be regarded by our political elites as the foundation of a just political order.
     
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  2. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    The rest of us wonder how people can call for more government intervention despite the government's intervention in the market ruining our economy and pushing us toward a recession.
     
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  3. Truthmatters
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    That is not what the experts say.

    Like the Head of the SEC himself.
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    It's not what the experts say because they don't want to admit their Keynesian economics was wrong, but it is what the experts in the Austrian school of economics say.
     
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    Hes not a keynesian
     
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    Please provide any period in the history of man which proves the "Magic Market" actually will work in the way the myth states?
     
  8. Paulie
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    Paulie Platinum Member

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    You mistakenly assume that free marketers think the free market is perfect.

    Despite our society never having even witnessed a real free market, I still recognize that it would not be perfect, regardless.

    Someone will always be there to ruin it for the majority.

    As if the government doesn't have people of their own ruining things for the rest of us.

    We're supposed to trust the government to do what's best for us? Have you studied history?
     
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    Democracy does not just trust the leaders if its done right, we chose and fire our representatives.
     
  10. Paulie
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    Paulie Platinum Member

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    I've been going to my local convenience store for years and making transactions that are between myself and the store. Neither of us need the government to tell us how to do our business. I walk in, and I select something I want that I feel is worth the price being asked. Win-win situation.

    Why do we need the government to step in on banking? You can't figure out how to handle your own money?
     

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