Re:India lifted 415M out of poverty in 15 years, says UN
by 34675904565 on Tuesday November 08, 2022 @05:18PM
(#33525105)
Nobody thinks a perfect market, or perfect anything is possible. It's just a theoretical concept. None of the imperfections you mentioned can be solved by a state or any other form of coercion.
Re:India lifted 415M out of poverty in 15 years, says UN
by oblio on Wednesday November 09, 2022 @06:25AM
(#33529973)
> None of the imperfections you mentioned can be solved by a state or any other form of coercion.
Says you, basically.
All current markets have state intervention, and the best ones have good state intervention.
It's impossible to achieve in reality:
- fungible goods (i.e. stuff like toilet paper where you have 100s of vendors most people can't really differentiate much in terms of end result): good luck with that for any kind of complex good
- perfect information symmetry (i.e. the vendor and the buyer and seller know exactly the same about the product): can't happen when most buyers are individuals and most sellers are companies with full time people employed to work on their products
- low barriers to entry for vendor: good luck, in the real world you need time, capital, experience, etc to enter a market, and even when you're there, there's stuff like brands, marketing, reputation, etc
Etc.
Plus, even if this absurdly perfect model would be achieved, you still have to put stuff like social welfare somewhere in there. Why? Because some people are just plain bad at basic economics (president Truman was close to dying in poverty during his old age), and you can't just let them starve to death.