LH0ezVT comments on Annon uses arbitrage to profit off market inefficiancies

[–] LH0ezVT@sh.itjust.works 2 points 6 months ago* (2 children)

But what is the purpose of the market? Some arcane, abstract, paperclip-machine-esque efficiency?

Or rather a short-term optimizer for labour and investments to get people to produce goods and provide services that are in demand and thus keep the lights on and society running?

Because in the latter case, someone providing me with nice chocolate cookies is a feature, not a bug. The system is (somewhat) working, the market is providing me chocolate cookies with reasonable efficiency [1].

[1]: plus some rainforest destruction, but that's another issue that I personally don't believe market economy or, more specifically, capitalism is capable of solving, but this is getting off topic

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[–] yakko@feddit.uk 3 points 6 months ago (1 child)

They say the purpose of a system is what it does, and mainly what 'the market' does is transfer wealth upwards.

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[–] LH0ezVT@sh.itjust.works 1 point 6 months ago

That is the main purpose behind modern neoliberal turbocapitalist bullshit, yes. Explicitly designed to concentrate wealth.

The intended purpose of market economy is to optimise production. It's a shame that it works only in very limited circumstances with heavy regulation, and only for as long as the ones participating in the market do not influence the regulation.

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