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To further that parallel: the market, like natural selection, works towards a certain direction in a given environment. Thus even in the stable regime the marketistas erroneously assume all free markets reside in, that glorious 'efficiency' is the measure of something relative: the development of the most efficient production under the given conditions. Yet these conditions include resource availability, geography (limits on transportation), social norms, prevailing ideologies and religions, laws, and yes: regulations...

My favourite example for the neolib-dogma-busting practice of using the markets with a goal, that is to set the rules with the aim of getting efficient solutions in a pre-set desired direction, is a feed-in law: by fixing guaranteed purchase prices for regenerative energies, manufacturers of the latter can have a boom market of their own, large enough for the manufacturers to accumulate enough funds for competition by further development.

*Lunatic*, n.
One whose delusions are out of fashion.

by DoDo on Mon Mar 19th, 2007 at 01:00:48 PM EST
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