My "Political Philosophy"

[Nielsio]

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And finally when you point out that while their solution may be workable, it carries huge transaction costs and inefficiencies, they (and especially Borodog) retreats to "efficiency is not my problem".

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Lol.

Do you know what huge transactions costs are? Profit opportunities.

The entire purpose of the market is to reduce transaction costs. Every time there are large transaction costs, there exists an arbitrage opportunity for an entrepreneur to come up with a way to reduce them and make a buttload of cash.

Like to have an orange in New York but the transaction costs of driving to Florida too high? No problem. An entrepreneur buys a truck, buys oranges low in Florida and sells them high in New York. Like to buy a few shares of the Dutch East India Company but its a hassle getting together with the sellers at the same time in their corporate offices? No problem. An entrepreneur familiar with the process brings the legal paperwork to all the parties and then files it with DEIC and the stock broker is born. Like to get across the country but it would take you months of walking? No problem. Entrepreneurs build cars. Like to buy a house but are worried the property doesn't have clear title and you don't have the time to research it yourself? No problem. An entrepreneur will do the research on your behave, and another entrepreneur will sell you title insurance. Like to have a steak but don't have a ranch and cattle? No problem, the market let's you hook up with someone who does. The market operates to reducing transactions costs day in and day out.

And what is your answer to "high transactions costs"? A gigantic bureaucracy that expropriates half of society's productivity while completely failing to actually make anything better. Yeah, that's not a "high transaction cost" at all.

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