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Old 02-25-2012, 08:18 PM
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Join Date: Apr 2008
Posts: 1,986
Default Re: What's competition?

Quote:
Originally Posted by Unit View Post
Matt Lewis and Robert Costa don't know what the free-market is.

Free-market competition is a process of discovery. Maybe Matt and Robert would benefit from reading Hayek's description of what the role of competition really is in the context of free-markets. One would hope that they would then refrain from referring to the "daily grind" and other cut-throat vicissitudes as "free-market competition".
Yes, the decline of the British empire certainly benefited from those who read and followed Hayeks free market process of "discovery". Perhaps ours could too!
These are the rotten fruits of their blissful ignorance:

Quote:
Thatcher loved Britain of that there is no doubt. But her administration will surely be seen as a chapter in that country's decline. This is a tragedy in the classical sense that human actions can have catastrophic consequences. It differs, however, from the orthodox model in that its denouement is the misfortune, not of one, but of millions.
Quote:
Thatcher adopted the ideas of the New Right a revolutionary free market agenda thoroughly unfamiliar to traditional conservatives. It was a brutal and simplistic doctrine: massive liberalisation of the free market combined with the ruthless disciplining of labour; the beginnings, in other words, of neoliberalism, the utopian and delusional character of which became apparent in 2008.
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