taelor comments on Rationality Quotes December 2012 - Less Wrong

4 Post author: Thomas 03 December 2012 02:33AM

You are viewing a comment permalink. View the original post to see all comments and the full post content.

Comments (226)

You are viewing a single comment's thread. Show more comments above.

Comment author: taelor 05 December 2012 07:27:13AM 7 points [-]

I can't find a source for the quote at the moment, but I remember reading that F. A. Hayek once said something along the lines of "The greatest enemy of capitalism is the capitalists."

Comment author: Jayson_Virissimo 05 December 2012 08:51:43AM *  9 points [-]

Hayek was right. Capitalists in a mixed-economy seem to be in something analogous to a prisoner's dilemma. It would benefit any individual capitalist to seek monopoly privileges for their own firm, but it hurts all of them if any significant number of them do so.

Comment author: Eugine_Nier 06 December 2012 04:25:18AM 3 points [-]

Not to mention this.