What alternative system do you propose?

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Richard Murphy says:
March 2 2020 at 5:11 pm
State-regulated markets

I have no problem with markets

But let’s not pretend that they self regulate or produce optimal outcomes

They don’t

We’re all fine with the state regulating the structure of markets. That’s just called the law, right as we have now. But the state directing, or determining the outcome of, markets?

Anyone got any evidence of somewhere, anywhere, where this has worked?

That before we get to asking for evidence that the state, the political system, is able to regulate itself of course.

9 thoughts on “Interesting”

  1. I guess the major problem is the galactic stupidity of the argument that because there are times when markets do not produce optimal results (although someone of amoeba level intelligence would then ask “optimal for whom?”) therefore markets never produce optimal results. So I am unhappy about the pound of oranges I bought from a stallholder this morning? I feel diddled? Why is this person allowed in public places? He needs to be in secure confinement

  2. Diogenes

    That did make me laugh! Its’ the entire basis of his spiel. Because the hypothesis ‘doesn’t get things right’ we just jettison the entirety of ‘neoliberal economics’ – his fellow traveller Howard Reed came up with something along these lines – basically a transparent attempt to justify an overarching state control of the economy and society.

    I think his basic idea (from what I can discern) is something along the lines of pre 1979 UK, contemporary Scandinavia or suchlike. And when you point out the flaws with such an argument you are clearly a ‘troll’ or suchlike ‘whose time here is at an end’

  3. Employment market seems to be working OK. It hasn’t provided Capt Potato with that well paid job he so desperately wants

  4. “I don’t like these rules, and so I want some I instead agree with.”

    “I, on the other hand, don’t care what you want but, even if I did, I want something else.”

    “I AM THE SUPREME GOD EMPEROR BORN TO RULE YOU SQUABBLING CHICKS, AND I CHOOSE …”

    [tbc .. exit… etc.]

  5. Rob.. In the eyes of His Professorness, the State, duly guided by such astute minds as El Spudissimo, cannot ever fail.

    The simple fact that the Experiment has been done for decades east of the old Iron Curtain and failed miserably still hasn’t set in his mind.
    Nor has he noticed that China, welll… not exactly abondoned, but…relaxed their version as soon as they could do so without Losing Face.

  6. Bloke in North Dorset

    “ What happens when the State control doesn’t produce optimal outcomes?”

    The border guards start facing inwards.

  7. “But let’s not pretend that they self regulate or produce optimal outcomes”

    However he’s quite happy pretending that State control produces optimal outcomes (except when he’s complaining about pretty much everything the State does).

    That’s one of the huge problems with the Left – they point to problems in markets, but they’ve no proof that the State makes it any better. In fact the evidence is mostly the other way.

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