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Monday, August 17, 2015

Value of the Market


For John, BLUF:  Price is a signal and people adjust.  Nothing to see here; just move along.


From USA Today, Sunday, we have Law Professor Glenn Harlan Reynolds suggesting "Fast moving bad news builds prosperity".  The sub-headline is "Free markets automatically create and transmit negative information, while socialism hides it."

The lede:

Nassim Nicholas Taleb recently tweeted:  "The free-market system lets you notice the flaws and hides its benefits. All other systems hide the flaws and show the benefits.”

This drew a response:  "The most valuable property of the price mechanism is as a reliable mechanism for delivering bad news."  These two statements explain a lot about why socialist systems fail pretty much everywhere but get pretty good press, while capitalism has delivered a truly astounding results but is constantly besieged by detractors.

Well, there is more at the link, but that is the basic story.

Hat tip to the InstaPundit.

Regards  —  Cliff

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