A Quote by Eric S. Raymond
Free markets select for winning solutions.
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The invisible hand is not perfect. Indeed, the invisible hand is a little bit arthritic ... I'm a believer in free markets, but I think we need to be less naïve. We need to accept that markets give us pretty good solutions, but occasionally they will lock in something inferior.
The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.
I'd like to talk about free markets. Information in the computer age is the last genuine free market left on earth except those free markets where indigenous people are still surviving. And that's basically becoming limited.
You have choice. You can select joy over despair. You can select happiness over tears. You can select action over apathy. You can select growth over stagnation. You can select you. And you can select life. And it's time that people tell you you're not at the mercy of forces greater than yourself. You are, indeed, the greatest force for you.
It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
There are no free financial markets in America or, for that matter, anywhere in the Western word, and few, if any, free markets of any other kind.
I like Ronald Reagan, who didn't play crass politics, and he just articulated and delivered on broad themes that were needed. Free markets meant free markets. Deregulation. Lower tax rates. Strong national defense. And he was credible and believable.
Americans have learned to trust free markets. Republican or Democrat, we believe the unimpeded exchange of goods and services will yield better solutions than five-year plans set by even the most well-meaning public servants.
These people say free markets are the way to go, but wink, wink, the markets aren't really free. They're just a protectionist racket, and we have to pay for it all on every level. It's really quite extraordinary, and immoral, and illegal. These things need to be named, and shamed, and outed, and mocked, and prosecuted.
In the States, I think, the syllogism goes like this: 'free markets solve all problems. Free markets aren't solving global warming, QED global warming is not a problem'. It's not a very good syllogism but it's emotionally comforting if you're in that world.
There are markets extending from Mali, Indonesia, way outside the purview of any one government which operated under civil laws, so contracts weren't, except on trust. So they have this free market ideology the moment they have markets operating outside the purview of the states, as prior to that markets had really mainly existed as a side effect of military operations.
Free markets are based on the free circulation of labor. If you don't have free circulation of labor, you don't have free markets.
I debated free trade in college. I came out as a free trader. I'm a free markets guy. I'm an Adam Smith guy.
Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.
I want us to be a country of free ideas, free markets, and a freedom to dream.
As long as you are free, you are free to select and choose alternatives, provided that you are willing to accept the responsibility for being free. And after you've tried your alternatives, and they don't work as you would wish, don't blame me. Blame your choice. Try another alternative.
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