ECON 463 Chapter Notes - Chapter 1-4: Cronyism
PJD, Interesting comments.
In general I agree.
In particular I agree with your sentence "Interventions other than this basic
structural framework which allow a free market to thrive are almost ALWAYS
derived from cronyism, bribery or simply robbing Peter to pay Paul - in exchange
for votes of course."
For me the key question is defining what community interventions constitute
"basic structural framework." For example, does the community have the right to
tell gay couples they cannot marry? Or does the community have the right to tell
bars when to close? Or does the community have the right to prohibit gambling?
Are those interventions basic structure framework? Or what about telling Apple
Computer they must make their computers in the US (as Trump just did)?
Or how about Tort Reform? Should the Courts be stacked in favor of those with
the most money? Or should the courts allow a little guy to be equal to the big
guy?
Spontaneous Order requires agreement on the "basic structural framework" as you
say. For example, when walking down the street who gives way to whom is
determined by community standards (we give way to an old women, a mother and her
child, someone in a wheelchair.) In the old days everyone would give way to the
King. Spontaneous Order requires an agreement on the "basic structural
framework" in order for Spontaneous Order to exist.
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