On Tue, Dec 9, 2008 at 2:23 AM, Alberto Monteiro <[EMAIL PROTECTED]> wrote: > > Doug Pensinger quoted: >> >> (libertarians) Their heroic view of capitalism makes it difficult >> for them to accept that markets can be irrational, misunderstand >> risk and misallocate [WINDOWS-1252?]resources—or that financial >> systems without vigorous government oversight constitute a recipe >> for disaster. >> > I think this is not fair. Nobody (except some loony types) think > that markets are rational all the time.
I certainly don't agree with the viewpoint mentioned in the article. I don't know what other "libertarians" believe, but I certainly don't base MY views on abstract theory. I look at markets and see organized forums for people to interact and trade. Since markets are actually a lot of people trading, there will be all sorts of irrationality in markets -- in my experience, most people are irrational at least as frequently as they are rational. The only people I've ever heard talk about markets being rational are ivory tower economists. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
