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Pastimes : John F. Kennedy, Jr.
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To: MNI who wrote (185)9/3/1999 9:07:00 PM
From: Akula  Read Replies (1) of 440
 
In theory, MNI, I'm sure that the market could regulate itself. You are, however, using a false premise. Not everyone is willing to forego short term benefit for the future. In theory, people would not do bad things to each other on the principle of "do unto others . . ." but in reality we still need a police system. Perhaps you are familiar with a game theory example known as the Prisoner's Dilemma (if not, I will be happy to explain, but the explination can be somewhat lengthy). The upshot of the whole thing is that we cannot simply rely on businesses to do what is in the common good or totum bonum. I simply do not see what is wrong with the whole of society making laws to ensure that everyone is better off. Many times government intervention has helped where market forces failed. Witness the Cuyahoga River (it caught fire three times) that was only cleaned up when the Federal Water Pollution Control Act of 1972. Government regulation is not an inherently bad thing nor is the free market. We need both to regulate our society.
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