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Re: The truth is: nothing is perfect
Posted by Reality (more from Reality) on Wed, 6 Jul 2011 19:51:57
In Reply to: The truth is: nothing is perfect, Bruce, Wed, 6 Jul 2011 13:24:51
Agree with you whole-heartedly that nothing is perfect. The information imperfection actually goes deeper than you even think: if "perfect information" existed and in the possession of everyone, there wouldn't be a market at all: who would be the counter party to the trade? A voluntary trade can only take place when two parties have different opinions/priorities. Without voluntary trade, there wouldn't be a market.

Free Market is a price discovery process, an information transmission mechanism: where few individuals privy to new information (valid or invalid, both are speculative) influence relative pricing on factors in their immediate vicinity with their actions in the market place, and other market participants perceive the information through these changes in local pricing then propagate outward to the rest of the market place.

Price protection through coercive means is counter-productive to this process of progress. Every product and every form of capital eventually should have its value slashed to zero in the market process: as newer and better ways of satisfying human desire is found. How much is the original iPhone worth now that we have iPhone4 soon 5? How much is a horse cab worth now that we have had reliable cars for a century? How much is grass seed worth as food now that we can have all sorts of grains and meats at the supermarket? There was a time when the original iPhone, the horse cab drawn by a horse whose odometer ran to only about 2000 miles instead of 200,000 miles, and the grass seeds were very precious to human existence and happiness. People literally lined up overnight and fought each other to get their hands on those what we consider obsolete products.

It is highly criminal for any combination of companies to engage in price collusion, and rightly so. Using coercive means like the labor unions do would be all the worse.


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