I’m not arguing for any policies, just explaining what would be necessary to make the theoretical model of the free market a reality in actual reality: It assumes perfect information and perfectly rational actors, it’s a tall order.
I’m not arguing for any policies, just explaining what would be necessary to make the theoretical model of the free market a reality in actual reality: It assumes perfect information and perfectly rational actors, it’s a tall order.
lud@lemm.ee 2 months ago
What definition are you going by?
barsoap@lemm.ee 2 months ago
Adam motherfucking Smith’s. He pioneered rational choice models in general.
lud@lemm.ee 2 months ago
And why should I listen to someone that defines a word differently than everyone else?
barsoap@lemm.ee 2 months ago
Adam Smith came up with it. It’s also how actual economists use it. Don’t confuse that with how business majors, politicians, and generally peddlers of institutionalised market failure use it, they’re doing the 1984 “war is peace, freedom is slavery” thing.