Tuesday, September 15, 2009

Personal Note: Qualifying My Attack On The Left

I just thought I'd fill my readers in on something: I'm a huge fan of the free market system. Throughout my blog, I'll frequently attack the left (almost exclusively) for their attacks on the market system. I should qualify and explain these attacks:

I believe (though I cannot yet prove)

  • that the market is the way of nature
  • that a market system is the most efficient economic system obtainable by humans
  • that large scale government intervention results in economic losses due to queuing losses
  • that the price discovery function of the market is the single largest creator of wealth since fire.
  • that, absent the constraint of income imposed by a market system, economic participants would have no incentive to communicate proper information to the economy (thus killing the idea of central planning)
  • that the inequality imposed on market participants by the market system facilitates greater aggregate and discrete well being
  • that said inequality would be greatly reduced and more productive (and therefore tolerable) if we had a proper currency system
While it is easy to attribute my magnanimous view of the market as attributable to the fact that I have benefited greatly (read: disproportionately) from it, the reality is that my defense of the market is much like my defense of nature. I see it for its beauty and elegance. I see it in everyday life, I see how individuals engaging in discrete processes of bidding and offering manage to price and allocate goods and services throughout the entire economy in an almost quantum manner. I defend the market because, much like Adam Smith, I stand in awe of the market

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