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competition is good, but what if it creates an arms race, where both parties have to run twice as faster to stay at the same place ! Take the case of HFT (High Frequency Trading), people spend billions of $$$ just to shave off few milli seconds. Do you guys think this armsrace in HFT is productive and...
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Okay, I'm having a discussion with a socialist/statist about the free market, monopoly, and anti-trust laws (repeal them!). I'm getting to the point where my austro-libertarian knowledge is incomplete. He says: It is a major financial commitment for a startup to stock and staff a store. As soon...
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So many economists adopt perfect competition theory. Any ounce of truth to it? What are the best arguments that smash it, namely that amount firms don't matter? Thanks, Chris
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It occurs to me that the primary difference between the Right and the Left (or libertarians and statists, as the case may be) has to do with the question whether the pursuit of wealth is a zero-sum game. The Right will argue that the pursuit is not a zero-sum condition and use this premise to form the...
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I am probably going to be attending an lecture later this week at a local college given by Keynesian economists, and I want to go prepared. This lecture will be on the labor market, poverty, and wealth distribution. I have very little idea of the Keynesian theory of all that, so if someone could give...
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I was having a discussion with a friend about the idea of competative currency. I generally like the idea, but my friend pointed out something apparently wrong with it. He asserted that a competitive currency system would create uneccessary complications in exchange. That in every exchange made, you...
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I'm a newcomer to this school of thought (and pretty new to economics in general). I'm currently reading Israel Kizner's essay collection "The Driving Force of the Market" and I'm stuck on a point that he brings up in the first essay (called Entrepreneurial) about competition...
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First of all, I would like to introduce myself. I am a computer programmer from the Netherlands. I am working on a theory of money and banking derived from the "Natural Economic Order" of Silvio Gesell. "Natural Economic Order" clearly states that the root the economic and monetary...
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Well, to be honest I wouldn't really care too much about Adam Smith being proven wrong. It wouldn't be the first time. However, I must acknowledge the fact that to the mainstream Adam Smith somehow equals , or implies, division of labour, comparative advantage, competition amongst individuals...
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I was in my "Urban Economics" class today, and my professor said that game theory disproves Adam Smith's notion that competing firms are necessarily more efficient than cooperating firms or firms that are kept from competing. He gave the example of the matrix with four possibilities. The...