The Market - Who or What Is It? (free market, real estate, buying)

[chuckmann]

I decided to start a particular conversation in this manner so that I might start with common ground we all may share.

So when someone says "The MARKET should decide" what exactly is meant by that? Who decides? What is the reason for deciding?

Let me toss an example. The internet. In 1969 was there a "market" demand for the internet?
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[MrRational]

Originally Posted by chuckmann

So when someone says "The MARKET should decide" what exactly is meant by that?

Look up Adam Smith

[chuckmann]

Originally Posted by MrRational

Look up Adam Smith

My experience is that most people who spout on about Adam Smith have never studied Wealth of Nations.

My question is directed at those whose only knowledge of "markets" is what they have read on right wing blog sites.

[rwfloberg]

Ive always considered two definitions:

Equity markets: Institutional and retail investors looking to efficiently allocate money

The consumer market: The buying public

Your first example seems to reference my latter.

[gwynedd1]

Originally Posted by chuckmann

My experience is that most people who spout on about Adam Smith have never studied Wealth of Nations.

My question is directed at those whose only knowledge of "markets" is what they have read on right wing blog sites.

That has been my observation as well. The best definition of a modern conservative requires three things:

1. They revere Adam Smith.
2. They detest John Maynard Keynes.
3. They have read the works and theories of neither of these men.

I suppose the 4th is that they assume I must default into a liberal who loves welfare and identity politics because I am not one of them...

[MrRational]

Originally Posted by chuckmann

My experience is that..
My question is directed at...

Stop playing games. If you have a point (or an agenda) then lay it out.

But when you start with such insipid freshman level questions...
don't expect much in the way of meaningful responses.

[gwynedd1]

Originally Posted by MrRational

Stop playing games. If you have a point (or an agenda) then lay it out.

But when you start with such insipid freshman level questions...
don't expect much in the way of meaningful responses.

That isn't a "freshman" question, and you are the one who decided to play the "go read this" dismissive response like one uses a 5 iron from the bag of tricks. In this very forum one asks "when will the Chinese real estate bubble be realized?" When there is a shift of buying power to those who do not value it, aka what is "the market"?

Is there a market for bottled water among thirsty slaves? When will the value of the better water be realized?

I would suggest you leave since you by your own admission have nothing to add.

[chuckmann]

Originally Posted by MrRational

Stop playing games. If you have a point (or an agenda) then lay it out.

But when you start with such insipid freshman level questions...
don't expect much in the way of meaningful responses.

Ah.... the old "what is your agenda?" question. Spoken like the true right wing ideologue.

My agenda is to have an intelligent conversation regarding the nature of markets. And maybe even to inspire intelligent people to re-examine their premises.

But just for fun, let me lay out an example for you. The internet. Where was the consumer demand? Where was the free market in the creation of this service?

[celcius]

Originally Posted by gwynedd1

That has been my observation as well. The best definition of a modern conservative requires three things:

1. They revere Adam Smith.
2. They detest John Maynard Keynes.
3. They have read the works and theories of neither of these men.

I suppose the 4th is that they assume I must default into a liberal who loves welfare and identity politics because I am not one of them...

So if you revere Smith and Keynes and have read their respective work, what does that make you?

[oregonwoodsmoke]

Originally Posted by chuckmann

..........

So when someone says "The MARKET should decide" what exactly is meant by that? Who decides? What is the reason for deciding?.......................

.

So, you are hoping that someone will distill an entire semester of university level economics into 25 words or less, for you?