Natural gas car

Originally posted by normbenign
"Externalities" are what markets deal with better than super smart people who have oversized egos and think they know best for everyone, everywhere.

Obviously you don't even know what the term means.

EDIT: I'll be nice and educate you:

externalities

Definition

Factors whose benefits (called external economies) and costs (called external diseconomies) are not reflected in the market price of goods and services.http://www.businessdictionary.com/definition/externalities.html


Markets are incapable of dealing with externalities by definition.

Originally posted by no1marauder
Obviously you don't even know what the term means.

EDIT: I'll be nice and educate you:

externalities

Definition

Factors whose benefits (called external economies) and costs (called external diseconomies) are not reflected in the market price of goods and services.http://www.businessdictionary.com/definition/externalities.html


Markets are incapable of dealing with externalities by definition.

Ya, ya. I've read the definitions, and they are a matter of differing visions as explained by Sowell, who despite your disapproval, is a tenured professor of economics at Stanford.

Those with an unconstrained vision believe they can account for all factors, including so called externalities. Those with the constrained vision, believe it to be impossible to calculate and account for all variables, and a waste of time to try.

Looking at the history of planned economies, I prefer to trust the institutions of free markets which don't rely on knowing and calculating everything in advance. Markets will adjust to externalities as they become internal, that is their force is felt in the marketplace.

Originally posted by normbenign
Ya, ya. I've read the definitions, and they are a matter of differing visions as explained by Sowell, who despite your disapproval, is a tenured professor of economics at Stanford.

Those with an unconstrained vision believe they can account for all factors, including so called externalities. Those with the constrained vision, believe it to be impossi ...[text shortened]... just to externalities as they become internal, that is their force is felt in the marketplace.

Religious faith in the efficiency of markets does not change the unpleasant fact that they fail in many cases. There really is no substitute for wise public policy when they do.

Originally posted by no1marauder
Religious faith in the efficiency of markets does not change the unpleasant fact that they fail in many cases. There really is no substitute for wise public policy when they do.

Has it occurred to you that "wise public policy" has often failed, and is often the cause of so called market failures. Religious faith as you call it tends to afflict all major visions and ideologies.

Originally posted by normbenign
Has it occurred to you that "wise public policy" has often failed, and is often the cause of so called market failures. Religious faith as you call it tends to afflict all major visions and ideologies.

The first half of the sentence has occurred to me, but my statement remains accurate. The second part makes no sense when discussing externalities (which is what we were doing).