Isn't the efficiency of free markets supposed to be self-evident, thus making it weird to call oneself a "deep believer" in it?
"Distributing goods and services" also sounds as if these were inherently available in infinite quantities.
Problem is, they use finite resources. Such as oil, gas, soil, people.
So you are probably right and your belief is not a belief but a fact, but I strongly disagree with the implicit statement that this would maximize human wellbeing, present and future.
What is the empirical evidence for the efficiency of "free" markets (free from "externalities" too?), and what do they minimize, what do they maximize?
Clarifying, I'd agree with the implicit statement if all externalities were priced in. I just wonder if that's even possible.
For distribution of finite resources, I think free markets (without the scare quotes) are efficient.
But for something like public welfare, I don't think so, and I dislike that much is being swept under the rug regarding were the "value creation" takes place. I agree with GPs closing thoughts.
"Distributing goods and services" also sounds as if these were inherently available in infinite quantities.
Problem is, they use finite resources. Such as oil, gas, soil, people.
So you are probably right and your belief is not a belief but a fact, but I strongly disagree with the implicit statement that this would maximize human wellbeing, present and future.
What is the empirical evidence for the efficiency of "free" markets (free from "externalities" too?), and what do they minimize, what do they maximize?