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