the strawman market

One often hears:

[Libertarianism] can only work if all the conditions of a free market economy are present … things like anyone being able to easily enter any market segment, all consumers having near-perfect knowledge of what they are purchasing, large numbers of sellers selling identical products to large numbers of buyers, etc.

And one is moved to ask whether the political system makes up for such departures from the ideal by adding moral hazard.

Where did the meme came from? My guess is that some introductory economic textbooks contain theorems that rely on those simplifying assumptions, and some students get that far and no further.

I don’t know much about academic economics but I do know that there’s plenty of interest in the negations of those simplifications; for example, Ronald Coase made his name by pointing out the importance of transaction costs, including the cost of overcoming imperfections of knowledge.

What I need is the libertoonian equivalent of the TalkOrigins Archive, containing standard responses to the other side’s tired assertions.

Posted in economics | 1 Comment

individualism ≠ egalitarianism

Elsewhere someone wrote that libertarians cannot be racist or sexist because our defining tenets include individualism. I responded:

As I understand it, individualism is the moral principle that consent can be given, and obligation incurred, only by the acts of an individual, not by membership in a group (definition made up on the spot, probably flawed). I’m not convinced that it is incompatible with racism or sexism. Enlightened people reject racism/sexism because the weight of evidence says that psychological differences within groups outweigh differences between groups, not because individualism decrees a priori that it must be so.

Have I missed something?

I intentionally glossed over the distinction between personal groupism (treating members of the outgroup differently in one’s private capacity) and institutional groupism (e.g. legal disabilities), partly because the context didn’t specify.

It will be interesting to see whether egalitarian legal principles can survive contact with or creation of

  • autonomous artificial intelligences that are more capable than humans in some ways but permanently childlike in other ways;
  • uplifted animals;
  • aliens in whom the concept of ‘individual’ is fuzzy, such as Didonians (Anderson, The Rebel Worlds), Boaty-Bits (Pohl & Williamson, Farthest Star) and Tines (Vinge, A Fire Upon the Deep et seq.).
Posted in ethics | 2 Comments

soft, with sharp corners

Another thing I like about my kitties: they never knead me.

Posted in pets | 1 Comment

late adopter

I’m a twit, as if you didn’t know.

Posted in me!me!me! | Leave a comment

still watching movies

Le Dîner des Cons (The Dinner Game) is delightful.

The Lion King is better than I expected, though I don’t quite get how the rightful king prevents drought. Only one of the songs is abominable.

The Matrix (again). At 111 minutes there is a scene that could not have been made much later than 1999: a helicopter crashes into an office tower, causing a fireball.

Posted in cinema | 1 Comment

leftovers

The Five Levels of the Economy

Oddest spam in a long time:

Want to buy weapons, drugs? Want to become a terrorist? Check this video and you can even blow up the White House!
http://www.youtube.com/watch?v=LbeQn3TI3rI

The video is a TV comedy skit.

Posted in general | Leave a comment

interspecies

Yesterday we had visitors including a big dog. My boys briefly hid in the bedroom, then came out cautiously for a better look. Rocky even touched noses with the dog.

Posted in pets | Leave a comment