You're looking at Less Wrong's discussion board. This includes all posts, including those that haven't been promoted to the front page yet. For more information, see About Less Wrong.

Zubon comments on Why capitalism? - Less Wrong Discussion

6 Post author: Algon 03 May 2015 06:16PM

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

Comments (163)

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

Comment author: Zubon 06 May 2015 02:51:53PM 3 points [-]

I see it as a distributed computing resource allocation system.

Yes, good. Markets are a means of exchanging information via price signals. Prices distill a lot of information about production, distribution, and consumption into a single number. All the effort behind "I, Pencil" is output in the price of a pencil, and I can compare my need to that cost.

See also the economic calculation problem.