Originally posted by Urban Ranger
I don't think this invisible hand of the market is as magical as some people make it out to be. First of all, "the market" can fail in many different ways. Secondly, "the market" does not allocate resources optimally or even reasonably, in fact, a lot is wasted in competition.
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I don't think this invisible hand of the market is as magical as some people make it out to be. First of all, "the market" can fail in many different ways. Secondly, "the market" does not allocate resources optimally or even reasonably, in fact, a lot is wasted in competition.
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The micro computer industry is a fine example of the efficiency of the savage competition : in 20 years, starting from the ground, this industry has changed the world. Interestingly, the centralized economies have produced nothing in this area, everything coming from the competitives economies.
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