Thursday, September 18, 2008

Capitalism, regulation, and stupidity

By Michael J.W. Stickings

Atrios:

The Absurdity of CNBC

The entire financial system is practically collapsing and they're lamenting the possibility of more regulation. I don't think the sports/referee metaphor is perfect, but it's probably good enough. People who prattle on about "the free market" are usually too stupid to have a clue how complicated and pervasive the "rules" had to be to get a well-functioning modern market system: sophisticated concepts of contracts and enforcement, property rights, legal entities, proper accounting, bankruptcy, limited liability, etc... etc..., did not descend from the heavens but were, in fact, created.

Exactly.

Labels: ,

Bookmark and Share

2 Comments:

Post a Comment

<< Home