1
metamitya
metamitya
the market is a communication technology.
1
metamitya
metamitya
it communicates the value of things.
1
metamitya
metamitya
value is communicated by denominating it with money.
1
metamitya
metamitya
because we see the value of things we can efficiently invest our resources both as individuals and society.
1
metamitya
metamitya
socialism falters because a privileged group of flawed humans guesses the most efficient allocation of resources.
0
metamitya
metamitya
this is an impossible task; it invites corruption and catastrophe.
0
metamitya
metamitya
the market works because individual participants decide value based on locally available information.
0
metamitya
metamitya
aggregate value-judgments emerge through decentralized bottom-up decision-making.
0
metamitya
metamitya
a properly functioning market requires liberty because coerced value-judgments is an oxymoron.