Re:Peter Norvig's Economic Simulation (2018)
by simonh on Saturday February 22, 2020 @07:48AM
(#22390732)
Indeed, this is the fundamental contribution of capitalism to practical economic performance. It’s simply the most efficient and successful approach to allocating capital to productive enterprises. It’s still vulnerable to abuse of course, as any approach to allocating resources can be, hence the need for regulation.
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Re:Peter Norvig's Economic Simulation (2018)
by User23 on Saturday February 22, 2020 @11:44AM
(#22391905)
Regulation is also vulnerable to abuse. The naive “solution” to that is more regulation. This is great for successful incumbents since it raises barriers to entry for potential competitors.
There will always be competition for resources. It’s my observation that every proposal to eliminate that coincidentally allocates more resources to the proposer or a group he identifies with.
Laissez-faire is no exception. In fact I’ve never heard of one.