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deepthoughtlife comments on [Link] Why don't people like markets? - Less Wrong Discussion

9 Post author: GLaDOS 20 June 2012 10:15AM

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Comment author: deepthoughtlife 25 June 2012 05:25:53AM 2 points [-]

It seems likely that the reason people dislike markets is simpler than has been postulated. For every person, they will have pet issues. The market will simply ignore most of them.* Thus, the people blame the market for not getting what they want. They will wish to distort the market to get their specific item, that is, to destroy the market.** They won't agree on how to change it, but the destruction will be agreed upon.

*The market does not care about your issue unless there is an outlandish amount of money you are willing to pay, either alone or in aggregate.

**Even small distortions can vastly change the outcome in an unfavorable (to efficiency) direction. The recent quasi-depression can be blamed at least in part on such a distortion in the housing market.