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gtaogle's profile
System of a Dad
System of a Dad
System of a Dad
@gtaogle

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System of a Dad

@gtaogle

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Baltimore, MD
Joined August 2014

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    1.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11

      The entire purpose of "consent based ethics" was the idea that a valid transaction in a free market system can only occur with the "well informed consent" of both parties.

      1 reply 1 retweet 11 likes
      Show this thread
    2.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11

      What defines this "well informed consent": 1. no coercion or leveraging on the part of either party. 2. information is not withheld deliberately by party members, opportunity of each party to explore options to reach a decision is intact. 3. no differential ability exploited

      1 reply 0 retweets 4 likes
      Show this thread
    3.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11

      In the absence of this "well informed consent" traditionally, any contract could be declared null and void. This is the basis for business ethics. It is NOT intended for morality between individuals but between customers and sellers, business partners, etc.

      2 replies 0 retweets 5 likes
      Show this thread
    4. System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      And it's not a* true *free market since it has to be enforced (traditionally by a market court.) - not something a person had much choice about.

      2 replies 0 retweets 1 like
    5.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @gtaogle

      A free market can only exist on the preconditions that certain lawful rules be upheld to avoid the exploitation of others if not outright swindling and theft. Otherwise it isn't really a free market but total anarchy.

      1 reply 0 retweets 0 likes
    6. System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      It's not free because it isn't free of coercion. The third party judges coerce people to follow the rules (this has a cost.) Epstein made the point that this one of the only coercions whose cost is outweighed by the negative-sum transactions it eliminates.

      1 reply 0 retweets 1 like
    7. System of a Dad‏ @gtaogle Oct 11
      Replying to @gtaogle @GolfNorman

      (The way to think of this is that thievery and fraud generally do not add value to the whole network - they just transfer existing value - at the cost of the coercion used by the fraudsters/robbers)

      1 reply 0 retweets 1 like
    8.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
      Replying to @gtaogle

      Well it's like having a Navy. Piracy is a zero-sum operation that is entropic: produces higher expenses for the total market than the value transferred to the pirates namely through sinking ships, losing some of the goods when robbing.

      2 replies 0 retweets 0 likes
      System of a Dad‏ @gtaogle Oct 11
      Replying to @GolfNorman

      My point is that a free market can only exist where 1. There are no external methods of enforcement (no courts) 2. Those involved still follow rules concerning fraud and force. There are a few possibilities to get a system like this, but not today (I think.)

      8:40 AM - 11 Oct 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        2.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
          Replying to @gtaogle

          no that's a utopian market

          1 reply 0 retweets 0 likes
        3. System of a Dad‏ @gtaogle Oct 11
          Replying to @GolfNorman

          not true. For example, within a guild where all members are vetted through other means they could practice an entirely free market without enforcement mechanisms. Coercion becomes necessary where trust doesn't exist.

          1 reply 0 retweets 0 likes
        4.  🐴The ✝️Magician 🚀‏ @GolfNorman Oct 11
          Replying to @gtaogle

          ah yes but there is the coercion of exclusion from the guild market of all non guild members who don't meet the extensive vetting criteria so what you have is a closed market not a free market.

          1 reply 0 retweets 0 likes
        5. System of a Dad‏ @gtaogle Oct 11
          Replying to @GolfNorman

          It's not though, since the market never included them to begin with.

          0 replies 0 retweets 0 likes
        6. End of conversation

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