[Link] Why don't people like markets?

GLaDOS

An interesting piece with speculation on possible reasons for why people seem to be biased against markets. To summarize:

Market processes are not visible. For instance, when a government taxes its citizens and offers a subsidy to some producers, what is seen is the money taken and the money received. What is unseen is the amount of production that would occur in the absence of such transfers.
Markets are intrinsically probabilistic and therefore marked with uncertainty, like other living organisms, we are loss-averse and try to minimise uncertainty
Humans may be motivated to place their trust in processes that are (or at least seem to be) driven by agents rather than impersonal factors.

The last point reminded me of speculation from the recent LessWrong article Conspiracy Theories as Agency Fictions:

Do all theories of legitimacy also perhaps rest on the same cognitive failings that conspiracy theories do? The difference between a shadowy cabal we need to get rid of and an institution worthy of respect may be just some bad luck.

Before thinking about these points and debating them I strongly recommend you read the full article.

An interesting piece with speculation on possible reasons for why people seem to be biased against markets. To summarize:

Market processes are not visible. For instance, when a government taxes its citizens and offers a subsidy to some producers, what is seen is the money taken and the money received. What is unseen is the amount of production that would occur in the absence of such transfers.
Markets are intrinsically probabilistic and therefore marked with uncertainty, like other living organisms, we are loss-averse and try to minimise uncertainty
Humans may be motivated to place their trust in processes that are (or at least seem to be) driven by agents rather than impersonal factors.

The last point reminded me of speculation from the recent LessWrong article Conspiracy Theories as Agency Fictions:

Do all theories of legitimacy also perhaps rest on the same cognitive failings that conspiracy theories do? The difference between a shadowy cabal we need to get rid of and an institution worthy of respect may be just some bad luck.

Before thinking about these points and debating them I strongly recommend you read the full article.

This part rubs me the wrong way:

PS - Some people may be tempted to tell me that people fear markets simply because markets are destructive, evil, create unhappiness and inequality, etc. That obviously is not the answer, just like "people believe in spirits because there are spirits" is not a cognitive explanation of supernatural concepts.

What if someone dislikes markets because they saw markets cause unhappiness or inequality on some random occasion? Surely that would be a valid cognitive explanation. Digging deeper to find imaginary biases like "he dislikes markets because they're driven by impersonal factors" would be wrong in such cases.

What if someone dislikes markets because they saw markets cause unhappiness or inequality on some random occasion? Surely that would be a valid cognitive explanation.

Well, one could ask why negative effects are more likely to be attributed to markets, whereas positive effects to be attributed to other factors or simply taken for granted.

0stcredzero14y

It seems that many people like to approach markets by using additional data from their personal networks.

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[Link] Why don't people like markets?

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[Link] Why don't people like markets?

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