One doesn't even have to speak in the language of economic freedom. . . .
There is no such thing.
. . . but simply the language of complex mathematics to see why having a direct economic link between millions of buyers and suppliers is generally preferable to replacing them with a handful of economic transactions handled between a relative handful of participants operating at or near the top of the hierarchy.
I see. I'm assuming you would consider government this "relative handful," meaning you're falling into the same trap as Hayek. Tell me, what would you call a "relative handful" that ran the banks? They are in private hands; they act with impunity; indeed, it seems the government you Straw Manned by implication is powerless to curb them.
Further, one need not involve Freud to see that Hayek, indeed all of the Austrian school, has a blind spot when it comes to banking.
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Date: 17/2/13 01:32 (UTC)There is no such thing.
. . . but simply the language of complex mathematics to see why having a direct economic link between millions of buyers and suppliers is generally preferable to replacing them with a handful of economic transactions handled between a relative handful of participants operating at or near the top of the hierarchy.
I see. I'm assuming you would consider government this "relative handful," meaning you're falling into the same trap as Hayek. Tell me, what would you call a "relative handful" that ran the banks? They are in private hands; they act with impunity; indeed, it seems the government you Straw Manned by implication is powerless to curb them.
Further, one need not involve Freud to see that Hayek, indeed all of the Austrian school, has a blind spot when it comes to banking.