not designed for that? Markets are designed to produce efficiency. Nothing else. The efficiency of resource use is the goal for an economy. When an economy decided to focus on equity or "fairness" then efficiency is lost. But the reverse is not true. When there is more efficiency, everyone benefits from it. So, the people who focus on equity actually lower the standard of living for the ones they champion. Whereas, is often the case, when the focus is efficiency, the "poor" get a higher standard of living than they otherwise would. The "poor" of today would be considered rich if we look back in time. That is the definition of progress. And what created this progress? Efficient production via markets.
Why do people care about equity in an economy? Do they realize that markets are
- Thread starter Chris
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