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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: j-at-home who wrote (20545)1/6/2005 12:29:23 AM
From: CalculatedRisk  Read Replies (5) of 116555
 
Well written and you are not alone.

I've written about the failures of the free market on this thread - such as monopolies, inequitable wealth distribution, equilibrium at any level of unemployment (not socially acceptable), abuse / overuse of common resources (air, water, etc.).

Free market capitalism is a tool. It is a very good tool, but it is just a tool. The GOAL of political economics is more along the lines of John Mill; to maximize the welfare over all the people ... sometimes hard to define but our goal is to achieve that or something similar.

For some people, the free market is almost a religion. Its the only economic tool they know. I'm reminded of that old quip: "If the only tool you have is a hammer, you will see every problem as a nail." .

Best to you!
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