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 Originally Posted by a500lbgorilla
From video: Why are so many voters uninformed?
Bro, this is Thinking Fast and Slow. It's because they're people. Until you train them to frame these problems correctly, they'll always see it from a natural tilt.
If i pretend that the atomic participant in an economy were a firm, who can act rationally because they have dedicated, trained units to acting rationally in all ends, then this all makes effortless sense.
I still have hang ups with pretending that normal people are going to be savvy participants in the marketplace. They're lazy and easy to trick. They'll buy on price and brand and not much else.
Though, I'm not sure that's much of a problem.
Markets provide what people ascribe value to. If people value brand over quality then the market will reflect that. But why would we want the market to ignore what people value and provide what they don't value? What signals would businesses have to know if they're providing a satisfactory product if they're ignoring the signals that are plain?
States suppose what is of value, often arbitrarily or based on corrupt means, and make that the law. This is where policies like the war on drugs come from. States mandate that you buy liability auto insurance because they believe they know what you should spend your money on better than you do. States decide that some hugely expensive plot of land in the middle of the city should be a community center or public plaza based on the whims of a city council of like 8 guys who are wholly unaccountable if it turns out to be a bad public investment. Big shock when the building remains empty 270 days of the year or the plaza becomes a place for pigeons to take synchronized shits.
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