[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.

From the article:

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

Or like how "people believe in dogs because there are dogs" obviously cannot be the answer to why people believe in dogs.

In short, I think this article is highly suspect. It assumes a lot of non-obvious stuff as "obvious", including the very premise that people don't like markets as much as they should.

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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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