11 Matching Annotations
  1. Sep 2021
    1. He reminds us that the original meaning of "free market" was "a market free from rents," where unproductive creditors were not allowed to lay a private tax on productive manufacturers. https://locusmag.com/2021/03/cory-doctorow-free-markets/

      The original meaning of free market was a "market free from rents," in which unproductive credtors are not allowed to place a private tax on productive manufacturers. (ie, it's harder to be a leech on the productive sector.)

  2. Jan 2021
    1. When any system is replaced by another, as in the Soviet system of command being replaced by a market system, the new system will require appropriate institutions. The dogmatic view on free markets is the view that such institutions would emerge of their own accord without the visible hand of government.
    2. free market argument. The belief that the emergence of such institutions requires deliberate planning amounts to the pragmatic free market argument. The requisite institutions have to be created by the visible hand of government.

      Further explanation of the difference behind pragmatic and dogmatic free market.

    3. We have thus an example in which the hand behind the invisible hand is visible, in line, therefore, with Mittermaier’s presentation of the pragmatic view in which humans deliberately decide upon an institutional framework within which an invisible hand is supposed to operate. If, however, we were to argue that the appropriate institutional arrangements would have emerged of their own accord, in other words without such planning, Mittermaier would classify us among the ranks of the dogmatic free marketeers. For a dogmatic free marketeer, the hand behind the invisible hand is also invisible.

      The difference behind a pragmatic and dogmatic free market - in a pragmatic market - the hand behind the invisible hand is visible, whereas in a dogmatic market - the hand behind the invisible hand is also invisible.

    4. Two hands appear in Mittermaier’s title and at least one is invisible. Is the other also invisible? By considering answers to the question, Mittermaier classifies a stance on the free market as either dogmatic or pragmatic.

      What is considered a dogmatic market? What is considered a pragmatic market?

    5. Mittermaier asks the question, does the institutional setup also emerge spontaneously via an invisible hand? As the 1996 watershed year specification makes clear, a decision was made to insist on arrangements deliberated upon with an idea to prevent chaos. In other words, in terms of Mittermaier’s argument we could say that in the case of the Burning Man event, the hand behind the invisible hand is visible, which amounts to a pragmatic rather than a dogmatic stance on the emergence of the institutions involved.

      In the initial highlights I asked the question of what a pragmatic stance on the free market doctrine means and this highlights a general answer to my question.

  3. Oct 2020
    1. Anomie (/ˈænəˌmi/) is a "condition in which society provides little moral guidance to individuals".[1] It is the breakdown of social bonds between an individual and the community, e.g., under unruly scenarios resulting in fragmentation of social identity and rejection of self-regulatory values.

      I can't help but see this definition and think it needs to be applied to economics immediately. In particular I can think of a few quick examples of economic anomie which are artificially covering up a free market and causing issues within individual communities.

      College Textbooks: Here publishers are marketing to professors who assign particular textbooks and subverting students which are the actual market and consumers of those textbooks. This causes an inflated market and has allowed textbook prices to spiral out of control.

      The American Health Care Market In this example, the health care providers (doctors, hospitals, etc.) have been segmented away from their consumers (patients) by intermediary insurance companies which are driving the market to their own good rather than a free-er set of smaller (and importantly local) markets that would be composed of just the sellers and the buyers. As a result, the consumer of health care has no ability to put a particular price on what they're receiving (and typically they rarely ever ask, even more so when they have insurance). This type of economic anomie is causing terrific havoc within the area.

      (Aside: while the majority of health care markets is very small in size (by distance), I will submit that the advent of medical tourism does a bit to widen potential markets, but this segment of the market is tiny and very privileged in comparison.)

    1. But that state of consciousness that permits the growth of liberalism seems to stabilize in the way one would expect at the end of history if it is underwritten by the abundance of a modern free market economy.

      Writers spend an awful lot of time focused too carefully on the free market economy, but don't acknowledge a lot of the major benefits of the non-free market parts which are undertaken and executed often by governments and regulatory environments. (Hacker & Pierson, 2016)

  4. May 2020
    1. The administration and its allies fear that the more people gravitate toward the successful, free-market self-insurance approach, the worse their government-engineered health “reform” will look. We’re already seeing the beginning of this trend.
  5. Nov 2018
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  6. Nov 2014
    1. Funny how Corporate America loves the term “free market” except when they are under threat.

      Author misses the point here. Corporate America loves the term "free market" only when it is under threat. A "free market", as we know it, is anything but free. It is regulated into existence by "free trade" agreements and the like.