The *worst thing* about democracy is this thing people do where they vote based on peer pressure anticipating how everyone else will vote The irrational feedback loop this causes is responsible for at least 50% of the disastrous decisions made by voting
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Replying to @arthur_affect
Interestingly, we appear to be okay using an identical process as a tentpole to prop up major portions of our economy, i.e. the stock market
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Replying to @otorhinosaur @arthur_affect
I think people gain little a rationality when money is involved. Maybe
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Not really. I'm saving up money from my part time job and investing in stable, low risk index funds, and growth has been stagnant for weeks or even slightly negative because of "the Coronavirus". No one can say how they think the NASDAQ is directly affected, they just panic
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Replying to @BootlegGirl @Tuplet and
There are real economic consequences to panic though; people slow their buying, go out less, etc. That's how things go in a recession, once people get scared they might lose their job they stop spending and that leads to more job losses, etc.
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Replying to @atonal440 @BootlegGirl and
The problem with the economy is that it is based on *employing* people to make money for billionaires who see opportunities dry up because of random market stuff even though there is always lots of *work to do* regardless.
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Replying to @Tuplet @BootlegGirl and
Eh. This stuff is way bigger than a few billionaires, the decisionmaking is spread across tens of thousands of business owners. They are all encouraged to overproduce until that comes back to bite them though.
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"Overproduction" and "waste" is one of the less convincing arguments against market economies imo A fairly consistent failure state of planned economies is trying to predict exactly how much of something is needed, guessing wrong, and ending up with shortage and famine
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Replying to @arthur_affect @Tuplet and
Right, overproduction and market correction is preferable to actual deprivation every time.
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