> I come from the position that economies are naturally occurring phenomena which cannot be centrally planned or controlled.
This is a challenge to untangle. It sounds like you're saying that there is no point trying to regulate, legislate or control what happens in the economy at all. But that sounds bonkers to me.
For starters, there are (and should definitely remain) absolute limits to business activities. We've moved on from Victorian-era child and slave labour for good reasons, even though such a situation was "naturally occurring" at the time. Moreover economic activity is dictated by cultural mores - if your service is morally reprehensible in some way then you won't get much business whatever your matgins are. Economies are inherently subject to the laws and customs of the agents.
Secondly, some regulation is pretty clearly beneficial. For example, there's a recurrent tendency for market power to concentrate in modern economies; we need robust anti-trust regulation to prevent consumers from getting ripped off and to prevent fragile supply chains. A well-conisdered balance of public and private provision supports the least well-off in society while allowing room for the fruits of individual flourishing.
Thirdly, we must consider what makes one economic system better than others. One way to measure this is to look at how efficiently it converts resources to social utility. I'm far from convinced that it's efficient to employ our brightest minds to build trading models with brief lifespans so that investors who are already well-off become slightly more so. It's worth investigating what regulations and incentives could put those minds towards things of greater value - solving climate change, cancer, sending humans into space etc... .
> This is a challenge to untangle. It sounds like you're saying that there is no point trying to regulate, legislate or control what happens in the economy at all. But that sounds bonkers to me.
I really do not appreciate this mischaracterization of my position. Focus on my actual words. I don't care about 'winning' this online argument. I take effort to engage because I am disturbed by the number of intelligent people who believe if only _THEY_ were in charge (or at least the right person), we would be able to fix all of society's problems.
> For starters, there are (and should definitely remain) absolute limits to business activities...
I agree with everything that follows. Government needs to be around to keep the peace. I want to be explicit: When I say "centrally planned/controlled economies" I am NOT talking about the general concept of regulation. If you are debating in good faith, this should be obvious. Look at all the history of failed states who tried to implement top-down control of their economies.
Also, YSK that not all regulators are government entities.
> Thirdly, we must consider what makes one economic system better than others. One way to measure this is to look at how efficiently it converts resources to social utility.
Never before in history has mankind been so prosperous. What system would you like to emulate? The US capitalist system is not perfect (and never will be)...but it blows all of its peers out of the water in terms of economic prosperity. Here's a couple data points: (Please read the technical definitions if you are truly interested in this subject)
> I'm far from convinced that it's efficient to employ our brightest minds to build trading models...
This is where my "closeted dictator" quip comes from. Nobody is "allocating" these minds...they are acting on their own free will. Why should you or anyone else be the arbiter? What if individuals disagree with your beliefs? Space exploration is a great example of a debatable "worthy endeavor"
This is a challenge to untangle. It sounds like you're saying that there is no point trying to regulate, legislate or control what happens in the economy at all. But that sounds bonkers to me.
For starters, there are (and should definitely remain) absolute limits to business activities. We've moved on from Victorian-era child and slave labour for good reasons, even though such a situation was "naturally occurring" at the time. Moreover economic activity is dictated by cultural mores - if your service is morally reprehensible in some way then you won't get much business whatever your matgins are. Economies are inherently subject to the laws and customs of the agents.
Secondly, some regulation is pretty clearly beneficial. For example, there's a recurrent tendency for market power to concentrate in modern economies; we need robust anti-trust regulation to prevent consumers from getting ripped off and to prevent fragile supply chains. A well-conisdered balance of public and private provision supports the least well-off in society while allowing room for the fruits of individual flourishing.
Thirdly, we must consider what makes one economic system better than others. One way to measure this is to look at how efficiently it converts resources to social utility. I'm far from convinced that it's efficient to employ our brightest minds to build trading models with brief lifespans so that investors who are already well-off become slightly more so. It's worth investigating what regulations and incentives could put those minds towards things of greater value - solving climate change, cancer, sending humans into space etc... .