Refutation #3 -- The Market as "Clumsy, Heartless, and Unfair"
Harry Markowitz writes that the market "...is clumsy, heartless, and unfair ..." (Wall Street Journal, May 14, 1991). It is none of these. It is an epistemic device. To say that it is clumsy, heartless, and unfair is to say that the nightly news is clumsy, heartless, and unfair; or that the newspaper and radio are clumsy, heartless, and unfair. It is to miss the fundamental purpose of markets: to facilitate exchanges so that two people can engage in mutual benefit. What is clumsy, heartless, and unfair about that?
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