"who gets protected when markets fail, and who writes the rules in the first place?"
How do you distinguish between a thing failing vs its designer failing in his design/the maker not following the design/someone failing to use it within its design parameters?
Is it splitting hairs to say markets don't fail, people do?
People fail in politics and politics is supposed to regulate markets just as it regulates everything else in society. Markets, like anything else that people are involved in, need to be regulated because people fail.
Politicians may not directly write market rules, but it's their job to approve them. And it's our job to approve politicians.
Clearly we're not doing it very well, in spite of us living in what is nominally, at least, a democracy.
Perhaps it's not really a democracy? The point of a democracy is not elections, it's that the people are ruling - that's what the word means in its original Greek.
Elections are not allowing the people to rule (have they ever, really?). So get rid of elections and appoint people randomly as representatives. Appointing people randomly is called sortition, and after a hiatus of several hundred years*, it's slowly trending again. Check it out.
* Sortition was used for prototypical democracy in ancient Athens, and occasionally in some medieval European city states.
I am amazed at the depths of the research you must do to rewrite these articles. Thank you for the work!
Thank you for your kind words, and please restack lol
I wondered why I admired her work so much
Thank you for filling her out for those of us who mostly observe.
🌟 Superstar 🌟
"who gets protected when markets fail, and who writes the rules in the first place?"
How do you distinguish between a thing failing vs its designer failing in his design/the maker not following the design/someone failing to use it within its design parameters?
Is it splitting hairs to say markets don't fail, people do?
People fail in politics and politics is supposed to regulate markets just as it regulates everything else in society. Markets, like anything else that people are involved in, need to be regulated because people fail.
Politicians may not directly write market rules, but it's their job to approve them. And it's our job to approve politicians.
Clearly we're not doing it very well, in spite of us living in what is nominally, at least, a democracy.
Perhaps it's not really a democracy? The point of a democracy is not elections, it's that the people are ruling - that's what the word means in its original Greek.
Elections are not allowing the people to rule (have they ever, really?). So get rid of elections and appoint people randomly as representatives. Appointing people randomly is called sortition, and after a hiatus of several hundred years*, it's slowly trending again. Check it out.
* Sortition was used for prototypical democracy in ancient Athens, and occasionally in some medieval European city states.