Friday, February 25, 2011

Who Said It?

An answer to the libertarians:
Human beings are not "individuals" to begin with; a large majority of them are not even legally competent to contract.  The values of life are not, in the main, reducible to satisfactions obtained from the consumption of exchangeable goods and services.  Such desires as people have for goods and services are not their own in any original sense, but are the product of  social influences of innumerable kinds and of every moral grade, largely manufactured by the competitive system itself.  The productive capacities in their own persons and in owned external things which form the ultimate stock-in-trade of the human being are derived from an uncertain mixture of conscientious effort, inheritance, pure luck, and outright force and fraud.  He cannot be well  or truly informed regarding the markets for the productive power he possesses, and the information which  he gets has a way of coming to him after the time when it would be of use.  The business organizations which are the directing divinities of the system are but groups of ignorant and frail beings like the individuals with whom they deal.
Who said it?  Find out here

1 comment:

Ken Houghton said...

"The business organizations which are the directing divinities of the system are but groups of ignorant and frail beings like the individuals with whom they deal."

That pretty much gave it away. Keynes was never that direct.

Great find--now, apply to "normal distribution/Law of Large Numbers" assumptions and tell me how we can possibly get to "rational choice."