>I fully share John K Clark's confidence in the reliability of the
market
>mechanism when its technical requirements are satisfied, but we need to
have
>more public discussion on the one big wart that is the mother of all
the
>little warts attributed to the free market by its many opponents. That
big
>wart, IMHO, is the failure of corporations or governments to remove
fixed and
>unavoidable costs from the variable cost data used by product lines or
>households to price their products and services in a competitive
market.
>
>That big wart is very simple, a ten year old can understand it, but has
been
>treated as an act of God in the media, in our schools, and on the
internet;
>while the industrial nations have rested content with 5-25%
unemployment and
>2-3% sustained inflation, since the 1890's. I don't understand why!
>
>Let's talk about the warts.
I'm not 10 years old, and I don't understand what your are talking
about. Your statement:
'The Big Wart...is the failure of corporations or governments to remove
fixed and unavoidable costs from the variable cost data used by product
lines or households to price their products and services in a
competitive market.'
..doesn't make sense to my 30 year old brain - could you please
elaborate?
Paul
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