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

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  •  It is not a straw creature because (2+ / 0-)
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    drewfromct, Calamity Jean

    so many conservatives believe it.  They act on their beliefs too, in the politcal arena.  That is why they were so ready to shut down the government and default on its debt.  That only makes sense if you are very hostile to any government presence in the economy.  Getting rid of the government only makes sense if you think the market is the most efficient way to do everything.  They act as if a totally unfettered financial market is efficient, despite history that shows otherwise.

    Of course, a lot of people think that many conservatives don't really believe in free markets, only in markets that are  dominated by them or the people who put them into power.

    The thing is that in the real world, a free market is unstable because of consolidation, leading to oligoploy or monopoly.  Or as a commenter put it above, the Highlander theory.

    "The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt." Bertrand Russell

    by Thutmose V on Fri Oct 14, 2011 at 08:22:45 PM PDT

    [ Parent ]

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