knb comments on Hayekian Prediction Markets? - Less Wrong

9 Post author: David_J_Balan 15 February 2010 11:50PM

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Comment author: knb 04 March 2010 05:31:59PM *  0 points [-]

I'm not cherry picking. Describing a largely nationalized economy as capitalist is false. If you had called it a socialist mixed economy, that would have been more accurate, as it is, you mentioned socialist mixed economies with largely nationalized production as "capitalist growth failures" which is obviously disingenuous.

As I pointed out in my other comment, this is true of all of those other countries you mentioned as well. Again, as TGGP put it, you do need more categories, or else you might list countries with minimal property rights and nationalized production as capitalist just because they weren't a member of COMECON or whatever. Instead, it makes more since to list countries according to economic freedom, then measure the relevant statistics wealth/growth/quality of life statistics.