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Patron-Only Vid: the Myth of Market Failure (Patreon)

Published:
2024-06-29 11:40:35
Imported:
2026-06
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Content

Hey all, the angle is a bit strange for some reason - we moved the living room around, possibly for the worse. Plus the mic is peaking a bit at the start.

Anyway, hope you enjoy it! xoxo

Comments

Conner Howell

I think as you said, it's at least in part about ideology. A lot of people will defend the Econ 101 framework as "simplifying assumptions" to develop the theory or to help younger students grasp concepts, but I don't think that's really the case. You need those assumptions to derive some of the most important results in Neoclassical economics (I'm mainly thinking of the welfare theorems). The ideal case isn't something like Newton's simplifications to arrive at a coherent theory of physics, it's necessary to defend claims like "markets maximize social welfare" or whatever. If markets fall short of that, then you can either 1.) reject the theory as faulty or inapplicable or 2.) preserve the theory by carving out special cases. It seems to me that we're clearly discussing the second case, in order to ideologically maintain a preference for markets, we assign "failures" to a region of known exceptions. To be fair though, Neoclassicals aren't the only ones guilty of that.

Carson

So for me i guess markets are thus working. Whats needed is simple restructuring through a new theoretical framing as the logical proof. To he clear you don't actually "need" to have this proof for one to still accept this as the way things ought to be since the logic of restructuring is help in the hands of the social society and complex system of dynamic, honest, and truthful claims of a generalized other, or big other, or whatever the term you might want to use. Some say jesus or god or allah or buddha, or krishna, or ashe, or Something that is beyond themselves. Thats why when hegel says that what died on the cross is god of beyond himself, this is what he means. With the sacrifice of jesus the plan for salvation is laid out. I also grew up mormon so i have more flair to this American way of belief than most others who practice more truly European (pagan) religions. Jk thats just a joke fir the lads who get trigged when they are called pagans.