“We think that markets are by far the best way of organising most human affairs that involve scarce resources, because they align people’s incentives in ways that communicate where resources can be be used most efficiently, and give people reasons to come up with new ways of using existing resources.”
If there exists another system that can do this more efficiently, it hasn’t been discovered yet.
“Tell me how shipping fruits from China to North America is more efficient than growing food locally and buying locally.”
I like how this sentence shows you fundamentally don’t understand how efficient shipping is. I’m not sure where you live, but where I live is some of the most economically productive land in the entire world. Wasting it to build a few pounds of a single fruit which can be grown somewhere else would be wildly inefficient.
“Look at the current system where we use precious resources to build dumb IoT devices”
Ah yes, a seller providing something people want. Classic case of inefficiency /eyeroll
“they align people’s incentives in ways that communicate where resources can be be used most efficiently, and give people reasons to come up with new ways of using existing resources.”
“We think that markets are by far the best way of organising most human affairs that involve scarce resources, because they align people’s incentives in ways that communicate where resources can be be used most efficiently, and give people reasons to come up with new ways of using existing resources.”
If there exists another system that can do this more efficiently, it hasn’t been discovered yet.
This is such a bullshit take. Look at the current system where we use precious resources to build dumb IoT devices. This is not efficient at all.
Tell me how shipping fruits from China to North America is more efficient than growing food locally and buying locally.
The only thing capitalism is efficient at is making more capital when you already have capital.
Nothing more. This is a scam that people gobble up.
“Tell me how shipping fruits from China to North America is more efficient than growing food locally and buying locally.”
I like how this sentence shows you fundamentally don’t understand how efficient shipping is. I’m not sure where you live, but where I live is some of the most economically productive land in the entire world. Wasting it to build a few pounds of a single fruit which can be grown somewhere else would be wildly inefficient.
“Look at the current system where we use precious resources to build dumb IoT devices”
Ah yes, a seller providing something people want. Classic case of inefficiency /eyeroll
This is just saying that capitalism is the best because it behaves like capitalism.
Not really. Markets are great at rewarding clever improvements. Other systems are not great at that.
Can you quantify that statement in any way?
Spoiler: he can’t
“they align people’s incentives in ways that communicate where resources can be be used most efficiently, and give people reasons to come up with new ways of using existing resources.”