1/ In markets you need sufficient liquidity and competition among alternatives for approximate rational outcomes.
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2/ The law of supply and demand isn't magic that happens in an illiquid, no-alternatives vacuum. Imaginative humans have to create both.
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3/ The equivalent principle of rational politics is 'the wrong people doing the right thing for the wrong reasons' (Friedman).
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4/ The equivalent of 'competition' is 'more, and more imaginative, policy ideas.' The equivalent of liquidity is effective opposition.
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