problematicassumptionsunderlyingeconomicliberalism (ThoughtStorms)

** people are not necessarily rational

** people are not necessarily well informed (another kind of market failure)

** people's freedom to enter into bargains is constrained by

*** necessity (due to market failure no one is offering a fair bargain)

*** NetworkExternalities

[Speculative Speculative Microeconomics for Tomorrow's Economy] by BradDeLong and A. Michael Froomkin

The case for the market system has always rested on three implicit pillars, three features of the way that property rights and exchange worked:


See also LeftAndRightAndScale, EmpiricalSocialism

CategoryEconomics, CategoryPolitics