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View Diary: The Most Important Economic Theorem You've Never Heard Of (174 comments)

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  •  which would be imperfect, (4+ / 0-)
    Recommended by:
    opinionated, GMary, smarty jones, KJG52

    prices would go up, so a competitor would then enter.  The idea of perfect competition is just wheels spinning.

    Capitalism absolutely does promote the concentration of wealth, which a lot of people have spent a lot of time thinking about.  I think the Rawls approach is much more theoretically sound than the Hayek approach of shouting "freedom" in response to a failure to make his case on economic grounds.  How is freedom defined, e.g.?  if it's in relation to the state, what follows from that?  Isn't the right to be free just one set of relationships with the state, akin to the right to equal protection of the laws or something else?  Then what about competing rights to material goods? I've not seen a better argument than the difference or opportunity principles.

    "This world demands the qualities of youth: not a time of life but a state of mind[.]" -- Robert F. Kennedy

    by Loge on Fri Oct 14, 2011 at 08:17:25 AM PDT

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    •  What I'm getting out of this (3+ / 0-)

      maybe for the first time, is that in one sense the conservatives are equating "freedom" with the idea of the free market.

      This makes Freedom (with a capital F) an economic construct in their minds.

      Whereas what I at least, and probably most here equate with freedom is foremost an issue of human rights.  When you're talking about human rights, simply by virtue of your existence your person is in some state of freedom or servitude.

      This understanding of Freedom (with a capital F) is NOT an economic construct. (which isn't to say that for the person, they aren't going to be concerned about the economic conditions in which they live.)

      I think the real question is -- are people supposed to be serving the market?  Or is the market supposed to be serving people?  

      Keeping in mind that if there were no humans there would be no market, nor even anybody to conceptualize a market, I think I just started to understand the root of our current insanity.

      •  You were right to begin with. Conservatives do (1+ / 0-)
        Recommended by:
        drewfromct

        equate freedom with economics.  The market is there to serve them.  The rest of us, be damned.  

      •  This reminds me of something that (1+ / 0-)
        Recommended by:
        JeffW
        I think the real question is -- are people supposed to be serving the market?  Or is the market supposed to be serving people?
        Jesus supposedly said: "The Sabbath was made for Man, and not Man for the Sabbath."

        Renewable energy brings national global security.      -6.25, -6.05

        by Calamity Jean on Sat Oct 15, 2011 at 09:13:06 AM PDT

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