Re:Reinvigorating the most important battle in economics
by littlestymaar on Sunday November 24, 2019 @06:38PM
(#21624293)
The complete inability to predict anything useful[1] is a clear marker of the failure of this model though…
[1]: crisis for starter…
Re:Reinvigorating the most important battle in economics
by WalterBright on Monday November 25, 2019 @02:21AM
(#21626108)
I predict that when I go to the supermarket, the free market has apples for sale there. My prediction has never turned out to be false. It's a useful prediction.
Re:Reinvigorating the most important battle in economics
by dredmorbius on Tuesday November 26, 2019 @06:29AM
(#21637367)
I predict that when I look out my door to the east tomorrow morning, I will see Apollo's chariot ascending through the firmament.
My prediction has never turned out to be false. It's a useful prediction.
I fail to see how the age of the model has anything whatsoever to say to its validity. Not everything old is stupid; not everything new is right. If you want to disprove the free market model, you have to do a lot better than pointing out that it's old.
It is true that perfectly free markets don't exist in the world. That doesn't mean that the model isn't useful as an approximate ideal.