Tweet me back if you can see this, trying to see if I am Shadowbanned.
Every voluntary economic transaction makes the participants better off by definition. Now try taxation.https://twitter.com/Roy_Cam/status/1103759518616309760 …
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Sorry, you've been shadowbanned
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Im back now but it was a awful thing for them to do. No warning, all replies and posts hidden from everyone.
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So says the True Believer...not Adam Smith economics....said every transaction has to be conscientious and of Reason. Otherwise you have a distortion in the market which is what we actually have. The Invisible Hand derives directly out of that combination of conscience and reason
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Adam Smith, while brilliant, is not the end of economic thought. This notion is similar to NeoClassical nonsense of "perfect knowledge". Economics examines what is, not utopic scenarios that can't exist. The IH derives from voluntary transaction.
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Point was...Adam Smith invoked CONSCIENCE and not just REASON, which, in its absence, becomes self-justification....and, once again, we do not have "FREE MARKETS"...but something betwixt and between...
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You could have engaged me at any point and asked me what I want why don't you read Saul's voltaire's Bastards.... you just a 19th century intellectual who's dropped conscience as an aspect of value formation
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That:s very utilitarian. A pact between two parties may make each of them better off by degrees and it also may impact negatively upon other people who had no part in it but become unwilling participants by virtue of flow on effects. Just because something is good for one doesn't
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Mean it's the best possible outcome or that they have factored in the cost their behaviour imposes on others. The rationale for taxation. Is that some people are in a position to exploit resources they haven't paid for at the cost of other people It's also the experience of war
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And why the way taxation or public money is spent and collected is important. Unfortunately, a corrupt machinery becomes it's own social cost.
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Better off ex ante. Not necessarily ex post.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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