Comments on: Efficient Enough to Be Regulated?

By: Don’t Get Clever

Don’t Get Clever — Sat, 27 Jun 2009 02:10:25 +0000

[...] distinction between “rules” and “commands.” The difference—apropos of yesterday’s post—was that rules are general, abstract, universal, and relatively fixed. From the perspective of [...]

By: Garrett

Garrett — Fri, 26 Jun 2009 16:12:40 +0000

If we think of markets as adapting to changes in conditions as analogous to an organism seeking homeostasis, perhaps the reason our “Free Market” is so sensitive and unpredictable is that it we don’t seem to want homeostasis — we want unending, rapid growth, spiraling upwards into infinity.

By: Doug

Doug — Thu, 25 Jun 2009 22:36:25 +0000

All good points. It is worth noting that resource depletion and pollution work very differently in the market. It’s easy to price in scarce oil, hard to price in melting granite in North Dakota. I am comfortable enough in my libertarianism to believe the market can respond to a price on emissions.