Reply #76: An illusion held by some is that the free market will fix [View All]

[Humor_In_Cuneiform]

everything.

I even saw this in an academic paper recently, but it wasn't written by an economist.

The reasoning was that if a certain product, way of doing business wasn't already in existence it was because it wasn't any good. Otherwise the magic, my word, of the free market would have made it successful.

Duh. So anything not already in existence in the market isn't any good or it would be out there.

Haha.

Everybody stop everything. If it ain't in the free market already, it ain't worth nothing.

Personally I like a mish mash of capitalism and (shh!) socialism.

From each according to their ability, to each according to their need.

I doubt there has ever existed an economic system that was purely capitalistic nor one that was purely socialistic.

Nor a political system that was purely a Democracy.