Yes, I believe in the free market, but:

[ken_schneyer]

Yes, I generally like the idea of a free market -- that is, I think it's good when goods and services are allocated according to the decisions of the free choice of economic actors within a society. Also, I generally dislike the idea of government running my life. Having said that:

1. Imperfect information is real.
2. Transaction costs are real.

Comments

[prezzey]

This is totally unrelated but I loved your story in Clockwork Phoenix 4 :]

[ken_schneyer]

Thanks, Bogi! Did Mike send you an advanced copy because you're a reviewer?

[prezzey]

Yup, I just haven't been able to get to it yet save for a story here and there... I'm taking it with me to the hospital so I might be able to finish reading it there ^^;;;

[madderbrad]

I think we're living in times which will demonstrate the failure of 'Extreme Capitalism'. Privatised profits but socialised losses; more and more artificial financial 'products' conjured to generate money for/within the inner circle; the Western world preferring to escalate debt (ceilings) rather than bite the bullet and adopt the work ethics of the previous generation which resulted in our current state of (unpaid for) luxuries. Sending our jobs overseas while our own citizens study 'soft' courses and watch reality television. It's the doom of Western civilisation!

I.e., I agree, I think the current goings on prove that 'extreme capitalism', unfettered, is dangerous.