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Re: Madness: Bailing Out Greed in Wonderland
From: David Farber <dave () farber net>
Date: Thu, 18 Sep 2008 06:41:24 -0400
Begin forwarded message:
From: Vadim Antonov <avg () kotovnik com>
Date: September 17, 2008 8:39:17 PM EDT
To: David Farber <dave () farber net>
Cc: ip <ip () v2 listbox com>
Subject: Re: [IP] Re: Madness: Bailing Out Greed in Wonderland
Dave - for IP if you wish.
From: Russ Nelson <nelson () crynwr com>
My own feeling? We need separation of markets and state. You may
gasp "Not possible! What about market failure?!?"
The reality is that there wasn't a single documented case of market
failure observed in the entire history of mankind. Every case claimed to
be a market failure was conclusively shown to be a result of previous
distortion of the market by political action (granting monopoly
priveleges, suppressing competition by regulation or force, excluding
private interests from controlling some commons, etc).
Some time ago the Wikipedia article on "market failure" had an empty
section for specific real-life examples. As a challenge to the
of market failure justification for political intervention I filled in
this section with a simple statement that none were observed.
Well, the proponents have "corrected" me. By removing the section
altogether. One would think that if there indeed was an indisputable
example of real-life market failure someone would've provided it, thus
settling the argument conclusively.
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- Re: Madness: Bailing Out Greed in Wonderland, (continued)