The "Magic Market" Myth

[Truthmatters]

Nope.

Heres a clue, it can not ever work.

Communism is great on paper but impossible to implement in reality. Humans aways turn it into something other than the communism meant in the theories.

In other words it works great if real people are not involved.

 

[Kevin_Kennedy]

Thomas J. DiLorenzo - SourceWatch

The guy is a corporate whore

Of course he is.

 

[Kevin_Kennedy]

Heres a clue, it can not ever work.

Communism is great on paper but impossible to implement in reality. Humans aways turn it into something other than the communism meant in the theories.

In other words it works great if real people are not involved.

No one is talking about Communism, we're talking about free markets.

What you mean to say is, it works great if government is not involved.

 

[Toro]

Please provide any period in the history of man which proves the "Magic Market" actually will work in the way the myth states?

The last 200 years.

The past two centuries have seen the greatest creation of wealth in the history of mankind. This is due primarily to our realization that there was another way to become rich than going to war with our neighbors and stealing from them. We learned that through specialization, trade and allowing the pricing system as the primary source to allocate capital, we could increase wealth by lowering costs and increasing choices. This understanding may be the most significant human advancement of all time.

The debate is not whether or not markets work. The debate is whether the market works all the time. I do not think they do, but markets are the primary driver of wealth creation and increasing standards of living. Markets do not create all the wealth for all the people all the time but they do create the most wealth for most of the people most of the time.

 

[Truthmatters]

Of course he is.

Protecting big tobbacco for money is about as whorish as you can get, read the link.

 

[Truthmatters]

The last 200 years.

The past two centuries have seen the greatest creation of wealth in the history of mankind. This is due primarily to our realization that there was another way to become rich than going to war with our neighbors and stealing from them. We learned that through specialization, trade and allowing the pricing system as the primary source to allocate capital, we could increase wealth by lowering costs and increasing choices. This understanding may be the most significant human advancement of all time.

The debate is not whether or not markets work. The debate is whether the market works all the time. I do not think they do, but markets are the primary driver of wealth creation and increasing standards of living. Markets do not create all the wealth for all the people all the time but they do create the most wealth for most of the people most of the time.

They have not included unfettered markets though.

 

[Kevin_Kennedy]

Protecting big tobbacco for money is about as whorish as you can get, read the link.

Why? Rather than read the links I provided you went out of your way to discredit the author of one of the articles, never mind the fact that he makes great cases against government regulation, protectionism, and central banks.

 

[Truthmatters]

No one is talking about Communism, we're talking about free markets.

What you mean to say is, it works great if government is not involved.

Nope , I submitt that criminals come in all kinds and that every street needs laws and policemen including wall street.

The economic man the theory postulates fills this perfect Magic Market fantasy is un human . That is why its unemplimentable.

It can never exsist because its fantasy just like communism.

 

[Toro]

They have not included unfettered markets though.

"Unfettered markets" have never existed. It is all a matter of degree. Despite the talks of unfettered markets under Bush, a a third of the US economy is government spending.

 

[Truthmatters]

Unfettered markets will never exsist.

 

[Kevin_Kennedy]

Nope , I submitt that criminals come in all kinds and that every street needs laws and policemen including wall street.

The economic man the theory postulates fills this perfect Magic Market fantasy is un human . That is why its unemplimentable.

It can never exsist because its fantasy just like communism.

The belief that government can try to regulate the market without creating anything but problems is fantasy.

 

[Truthmatters]

The idea that any society can have an unfettered market is a pipe dream for fools.

 

[Truthmatters]

Glass Steagal worked quite well until it was killed outright by GLB 1999 my friend.

 

[Kevin_Kennedy]

The idea that any society can have an unfettered market is a pipe dream for fools.

The idea that government can successfully regulate the economy without causing problems is a pipe dream for idiots.

 

[Truthmatters]

The idea that government can successfully regulate the economy without causing problems is a pipe dream for idiots.

There is no Utopia.

There is only managing the problems of man as best we can.

If an unfettered market was possible its what would have evolved as man evolved.

My theorys of Market management have been proven to work.

Yours have not.

When we construct wise regulations we get periods where the system works well for years until someone comes and fucks it all up with pipe dreams and deregulate.

Sub prime mess
Savings and loan debacle
Eron
california energy market.


I have proof it works and you have no proof your magic market wokrs.

 

[Kevin_Kennedy]

There is no Utopia.

There is only managing the problems of man as best we can.

If an unfettered market was possible its what would have evolved as man evolved.

My theorys of Market management have been proven to work.

Yours have not.

When we construct wise regulations we get periods where the system works well for years until someone comes and fucks it all up with pipe dreams and deregulate.

Sub prime mess
Savings and loan debacle
Eron
california energy market.


I have proof it works and you have no proof your magic market wokrs.

Right, you have proof.

 

[Kevin_Kennedy]

Should the Crisis Shake Our Faith in the Market? - Art Carden - Mises Institute

Feel free to ignore this article as well, but maybe somebody else will find it interesting.

 

[Truthmatters]

Right, you have proof.

Glass Steagal worked for 70 years and within a couple of years of its repeal the market fucked us.

I belive in capitalism but it needs laws and police just like any other human endevor.

 

[FistyTheBadger]

The free market is not a magic market. The Invisible Hand is just a convenient symbol. The market does work beautifully without magic. What people call magic is related to the fact that in reality all the different pieces of the free market dovetail together so perfectly, often by definition and design and not happenstance or accident.

 

[Kevin_Kennedy]

Glass Steagal worked for 70 years and within a couple of years of its repeal the market fucked us.

I belive in capitalism but it needs laws and police just like any other human endevor.

https://www.mises.org/rothbard/AGD/chapter11.asp