by on February 26, 2007 at 11:39 am in Web/Tech | Permalink

1 Caravaggio February 26, 2007 at 12:46 pm

Okay, I’ve just red the ‘myth one’ about about markets, and I am enlightened. This is why I come to this site. Now to make a cup of tea and enjoy the rest of the paper.


2 eriks February 26, 2007 at 2:57 pm

The “Twenty Myths” is more like “Twenty Talking Points.” The writer insinuates that monopolies only come from governments while mischaracterizing the complaint that free markets leads to behemoth conglomerates controlling large portions of the economy and public discourse. (The number of companies owning the majority of media outlets in this country is amazingly small.) The writer misses the forest for the trees.

Tyler, it doesn’t seem like this paper meets the usually very high standard for your blog.

3 Joel February 26, 2007 at 3:11 pm

From what I’ve read of it, a decent portion “Twenty Myths” could perhaps be summarized as:
Just because the First Welfare Theorem never holds in practice doesn’t mean that we should become a Communist state.

Well, yes. I am convinced that Palmer’s preferred policy choices are not the worst thing we can have. This has failed to convince me, though, that we should implement all of his preferred policy choices.

4 asg February 26, 2007 at 8:35 pm

CATO (and Palmer) are paid propagandists for corporate interests.

Well, we knew you were a fascist, Mike; now we know you’re a dishonest one too.

5 Matthew February 26, 2007 at 10:29 pm

Perhaps these comments came from the greedy, depraved corporations, but they would still be absolutely true. Quoted for emphasis on page 10.

“All currently wealthy countries were once very poor, some within living memory. What needs explanation is not poverty, which is the natural state of mankind, but wealth. Wealth has to be created and the best way to ensure that wealth is created is to generate the incentives for people to do so. No system better than the free market, based on well defined and legally secure property rights and legal institutions to facilitate exchange, has ever been discovered for generating incentives for wealth creation. There is one path out of poverty, and that is the path of wealth creation through the free market.

The term “developing nation† is frequently misapplied when it is applied to nations whose governments have rejected markets in favor of central planning, state ownership, mercantilism, protectionism, and special privileges. Such nations are not, in fact, developing at all. The nations that are developing, whether starting from relatively wealthy or relatively impoverished positions, are those that have created legal institutions of property and contract, freed markets, and limited the powers, the budget, and the reach of the state power.”

6 Matt February 27, 2007 at 12:19 pm


It’s such beautifully argued and entirely meaningless twaddle. I can imagine the same kind of thing written by the NRA: “Twenty Myths about Firearms†. Should I commend the author for producing a well-crafted hoax or damn them for their intellectual laziness?

Is a market ethical? Huh? Good grief! Are Guns? Is chewing gum? Without any context this and the other questions explored are entirely academic. Evidence for whatever answer suits the authors’ particular (and – oh my God; the Cato Institute: “†¦ to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace” †¦) fairly obvious political leaning is easily available.

Those with a lack of critical faculties will unfortunately see this waste of time and bandwidth as (more?) evidence for ‘free’ markets in all cases (but that of course was the intent, no?).

Don’t worry; I am aware the Left produces equally baseless trash.

As with all constructs within complex social environments, the value of a free market (or not) depends on the case, and on the desired ends.


7 Joel March 1, 2007 at 1:41 am

LisaMarie- in class today my game theory professor related a story about how he once bought a car (from two high school teachers, no less) that broke down on the same day that he bought it. The car was junk, but they had managed to rig it so that it would run for the length of time that he test-drove it.

8 不動産投資 July 19, 2008 at 1:18 am

資金を増やそうとするのに不動産投資をするのが手っ取り早い。日本で不動産で東京 賃貸をさがすのはきわめて難しくシステム開発は日本の会社が良い。

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