Tyler Cowen: The Free Market and Morality

http://bit.ly/jfrjaz - The George Mason economist answers the Big Question, "Does the free market corrode moral character?"

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[CosmicFork]

The title of this video "The Free Market and Morality" is highly deceptive. First it assumes we have a "Free Market". Do we really? Corporations wanted a market, but not a free market. They wanted the power to fix the terms and conditions of employment on a take-it-or-leave-it basis and to fix the cost of materials and the price of finished products and goods in the same way. That's not a Free Market! Why not talk about that?

[originaltrip]

I WANT FREE MARKET!

I WANT FREEDOM TO CHOOSE!

[A86]

@CosmicFork - Then libertarians who purport to support a "free market" wonder why the so-called "free market" is always blamed for the failures of today. THIS is why. It's because politicians, economists, pundits, so-called experts, etc. supporting the corporatist status quo almost always claim they support "free market economics". They defend corporatism by labeling it a "free market".

[spark300c]

the free market can not exist of not was moral. rig markets come when some rich realize they can only get so rich playing fair. so they find ways to cheat and use fraud and people are robed. latter people find out that they been robed and they put the thieves in jail and then the market thrives.

[munkyusm]

@munkyusm I just assumed by "the fundamental aspects of trade" you were implying that the current system remotely reflects the fundamental aspects of trade, i.e.- a free market.

[astroboomboy]

@munkyusm Hehe, when did I ever say that we have a free market? Where in my comment do I even mention a free market? Can you read?

[munkyusm]

@astroboomboy ...and you do not understand the fact that the current situation is in NO MEANS a free market.

[astroboomboy]

This guy does not understand the fundamental aspects of trade and the stock market today (very few people seem to do). Most of the stocks are traded through computer programs with very little human input (that's why Wall Street is hiring physicists and mathematicians). The problem with these algorithms is that they fall out of our control very fast, so much transfers within the market are not made by humans but rather computers. And this will only increase.

[astroboomboy]

@CosmicFork Are you blind? People have never been as rich and educated with such a high standard of living. People in jail has to do with regulation, like regulating drugs (the whole war on drugs is completely against a free market). Collapses in economy are small slumps that don't really do anything to the overall growth of the economy. The US economy will slowly recover, and in 3-4 years it will grow again.

[raspberrymuffin]

@CosmicFork

So true. Many people forget that the "free market" is manipulated into not being free by corporations, not just the government.

[CosmicFork]

The "Free Market" & Morality? Let's not look at how this phony "Free Market" has been disastrous to the world. The masses are weaker, alienated and more uneducated, while the elites get richer, more powerful and more repressive every minute. How many more collapses in the economy, how much more delinquency, and how many more millions of people in jail, how many more thousands of people dying because of no affordable Health Care, do you guys need to realize this isn't the great plan you claim?

[Malthus0]

@CosmicFork He is struggling to make a distinction without the proper vocabulary. Adam Smith made the distinciton between self love, and selfishness. Selfishness was what motivated the masters of mankind the kings, politicians & criminals those who leach off of & exploit others. To Smith the the first is a virtue, one who has self love can look after themselves & their families & friends & does not have to rely on others. This when reflected in mans natural empathy leads to respect & order.