tag:blogger.com,1999:blog-1684157780354336888.post2403163069461620727..comments2024-03-19T07:29:32.762+01:00Comments on Physics Perspective: The limitations of marketsMark Buchananhttp://www.blogger.com/profile/11288455251267863265noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-1684157780354336888.post-76751439064317696882016-12-30T15:53:24.044+01:002016-12-30T15:53:24.044+01:00Ecommerce websites should provide a product descri...Ecommerce websites should provide a <a href="http://writology.com/product-description-writing-service" rel="nofollow">product descritpions that sell</a>Alicehttps://www.blogger.com/profile/16160393325497558881noreply@blogger.comtag:blogger.com,1999:blog-1684157780354336888.post-56254548054022681902016-04-21T16:09:23.282+02:002016-04-21T16:09:23.282+02:00There are lot of resources that provide product d...There are lot of resources that provide <a href="http://www.productdescriptionwriter.net/our-product-description-writing-services/" rel="nofollow">product description writing service</a> with best possible way. These services are very rare to have.aliyaahttps://www.blogger.com/profile/06184256288293330921noreply@blogger.comtag:blogger.com,1999:blog-1684157780354336888.post-67515976398496309572011-10-08T15:41:45.086+02:002011-10-08T15:41:45.086+02:00I just wanted to express that this article and the...I just wanted to express that this article and the further discussion about it has really helped me to better understand the limitations of Financial Markets. I especially appreciated the multiple analogies placed throughout the text. I am a student at the University of Kent studying Accounting and Finance and I tend to struggle with the economic discussion side of the course; the world of Financial Markets is overwhelmingly complex, so thank you for shedding light. <br />I will come back to your site to read more of your articles; I think they will be a great supplement to my studies this year.Joanne Davuthttps://www.blogger.com/profile/11756653055868302487noreply@blogger.comtag:blogger.com,1999:blog-1684157780354336888.post-4587014781544852702011-10-05T20:26:43.389+02:002011-10-05T20:26:43.389+02:00The problem with how markets are framed today is t...The problem with how markets are framed today is that their justification emerged from the writings of Smith and Ricardo, yet neither one of these 18th-century economists faced the highly centralized monopolistic and oligarchic markets that are contemporary to our existence.<br /><br />Smith and Ricardo saw multiple firms operating in local markets, not monopolistic/oligarchic entities operating on world stages. Markets work at the ecosystem level. If I am the village butcher and my operation is filthy and represents a threat to human health, it isn't long before the word spreads and I am out of business.<br /><br />But how, with the centralized economic structures we face today, are we to ensure a firm is kept in check and honest with its dealings? I can't even get to the front door of one of the 13 meat-packing processors we have in the US today.<br /><br />Yet, while we acknowledge centralized government arose to police centralized economic institutions, we also understand that the regulatory system is not only inefficient, but suffers from "agency capture," i.e., the economic institutions have compromised the regulatory oversight capacity of government through the legislative process or, just as often, through outright corruption of agency personnel.<br /><br />The local markets of Smith's and Ricardo's era largely worked. But we cannot keep overlaying their contentions on the centralized economic and governmental institutions of today. It is akin to trying to cover an elephant with a baby blanket.E.L. Beck at The Small "r"https://www.blogger.com/profile/15686171075941154185noreply@blogger.comtag:blogger.com,1999:blog-1684157780354336888.post-19021870739993145892011-10-05T06:40:13.805+02:002011-10-05T06:40:13.805+02:00In some respects the argument above represents som...In some respects the argument above represents some prior posts of mine about theory - namely that theory simplifies things in order to broaden its applicability (perfect competition, complete information, etc.)<br /><br />However, given that these conditions do not exist in the real world (or rarely), we need to determine what impact the deviation from the theoretical possesses, and this is in large part developed above.<br /><br />One of the examples I like to use is life insurance, or privatizing retirement. If we find out at the time we did not have complete information, say the insurance or retirement funds were a ponzi scheme that fizzled out before we got our benefit out of it, it is too late for efficient markets to rectify the situation.<br /><br />Thus, we will find lots of people living on the streets, and plenty of sob stories in the press, and gradually we will move back in the other direction, probably until there are government excesses and then the pendulum swings back again.David K. Waltzhttp://treasurycafe.blogspot.com/noreply@blogger.comtag:blogger.com,1999:blog-1684157780354336888.post-16588697784136116812011-10-01T17:54:58.132+02:002011-10-01T17:54:58.132+02:00the greatest benefit of markets over government is...the greatest benefit of markets over government is the possibility of death/going out of business. government inefficiency never dies. private sector inefficiency usually does, except in the too big to fail case where systemic risk and/or influence buying short circuits the process. i can think of no businesses more deserving of death than goldman sachs, general motors, fannie mae, et al yet they were not allowed to die which is a clear market failure. however, it is difficult to even name any government enterprise, at least in the United States, that has died at any time in the last hundred years. there are much better products for taking pictures now than traditional film, so kodak may die. if kodak was a government agency we would still be taking our film to the drugstore to be developed. think about all the inner city schools that trap poor kids in them to not be educated. if they were private sector businesses they would die in about 10 minutes.Anonymousnoreply@blogger.com