My Simplistic Theory of Left and Right - original and 2016 editions. http://econlog.econlib.org/archives/2015/10/my_simplistic_t.html … http://econlog.econlib.org/archives/2016/03/my_simplistic_t_1.html … @economistified
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Replying to @bryan_caplan @economistified
...value judgment rather than an intersection of supply/demand curves. Of course they hate it. It's not what they feel the price should be.
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But it IS a value judgement - in functioning markets, it is the optimal combination of the value judgments of assets by participants.
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...market, or so thinks that might makes right, to say that $8/hour is an okay thing to have happen, just because the Market said so?
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Yes - but some of this comes from a (correct) perception that we were promised a rising tide via socializing gains from free markets.
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So the market is a weird unfair foreign deity that's supposed to bring us benefit if we sacrifice to it--and isn't--so time to go in and...
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No. Welfare econ is clear markets + redistribution is a pareto-gain. That argues for freer markets, but the redistribution to losers lagged.
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I expect Bryan doesn't consider "left hates markets" to apply to those who speak of not disturbing price signals when purely redistributing.
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But the hatred of market outcomes I usually see (albeit it's from policy wonks) is based on understanding most markets have various failures
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