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Re: Another question about free-markets... (fwd)
Forwarded message:
> Date: Sun, 04 Oct 1998 22:58:05 -0700
> From: "James A. Donald" <[email protected]>
> Subject: Re: Another question about free-markets...
> > If this includes lying, denying consumers information, etc.
> > what harm is done, they have fulfilled their responsibility
> > to their shareholders (potentialy quite lucratively)=20
>
> While there is a sucker born every minute, the strategy you
> describe is for the most part unlikely to be profitable.
Then you should begin to check your daily news, example after example is
presented. (currently illegal) cell phone cloning, excessive rate levels,
sub-standard construction practices, etc.
People by their very nature understand and impliment the prisoners delima
maximum pay-off strategy.
Not only can it happen it deos. Given that such abuse is possible in a
regulated market there is no reason not to deduce it will happen in a free
market economy as well. If it happens the business enjoys an increased profit
if for no other reason than their costs are reduced. Since there is no
regulation or other oversight the consumer will be denied this information
preventing fair competition. Since a companies strategic leaders have no
duty other than maximizing profit they will impliment such strategies. Hence
the free-market reduces to an opportunistic anarchy.
This leads to one and only one conclusion, in a free-market there is no such
thing as 'fair trade' without a third party being involved. This runs
contrary to the definition of a free market on two counts (at least) and
therefore the free market theory (as applied to human business, not Vulcan)
is a circular argument based on faulty principles and a lack of
understanding of human psychology (ie assumptions such as rational
purchases).
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