Thursday, July 30, 2015

On Market Economy

Modern (capitalist) economy is called "market" economy. A visitor from Mars sees the Earth from space and says, "Firms show as solid green areas, while markets show as red lines, so the economy appears as a spider's web of red lines and green areas...our Martian would not describe it as a "network of red lines connecting green spots" but as 'large green areas interconnected by red lines'" pp.168, John McMillan, Reinventing the Bazaar,

Well, market economy is not decentralized itself, but rather dominated by a large number of centrally planning agents, firms and organizations.

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