Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: AC Flyer who wrote (43598)	12/18/2003 7:19:11 PM
From: mcg404	Read Replies (2) of 74559

<The world is [running a test] that free markets are not the best way to organize human economic activity. The results of this experiment are clear - that individual and collective wealth correlates with the degree of market freedom in a society with a correlation coefficient approaching 1.> I can agree with this statement - except that i'm afraid you are are using 'human economic activity' and 'wealth' as synonyms for 'society' and 'well-being'. I don't have an argument with respect to the efficiency of free markets, so much as the position that they should dominate ever aspect of our lives simply because they are the best at what they do (ie, making allocation decisions for economic activity). Who was it that suggested that the use of GNP as a measure of the well-being of a society was akin to trying to fly a 747 by watching the oil pressure gauge?

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