FROM PROFESSOR JAMES CRAVEN IN THE USA
A THOUGHT EXPERIMENT: What do both a "free market" as well as no-fear-no-favor investigation of issues and ideas both require even in mainstream conservative, Capitalism-Uber-Alles theory? 1) FREEDOM OF ENTRY AND EXIT (no hidden patrons, paths to celebrity, controlled access, dynasties, protected shills of hidden powers, freedom to fail no protections or subsidies like PBS to insulate you from ratings issues); 2) NO BUYER OR SELLER BIG ENOUGH TO AFFECT MARKET DEMAND OR SUPPLY (no megaphones not supported by ratings, no one buyer or seller with enough market share or power to move whole markets and reactions of competitors to them); 3) PERFECT EQUAL ACCESS TO ALL RELEVANT INFORMATION AND ANALYTICAL CAPABILITIES FOR CALCULATIONS OF COST-BENEFIT, RISK-REWARD (no hidden insider information or trading, no shadow and administrative pricing distorting true costs and benefits, all social costs and benefits as well as private costs and benefits can be calculated) 4) FACTOR MOBILITY EQUAL AND FREE (all players and inputs free to locate to where expected utility or profit potential calculations induce them to go without barriers to entry or exit); 5) INSIGNIFICANT TRANSACTIONS COSTS ACCESS TO POLITICAL POWER AND INSTITUTIONS EQUALLY DISTRIBUTED
A THOUGHT EXPERIMENT: What do both a "free market" as well as no-fear-no-favor investigation of issues and ideas both require even in mainstream conservative, Capitalism-Uber-Alles theory? 1) FREEDOM OF ENTRY AND EXIT (no hidden patrons, paths to celebrity, controlled access, dynasties, protected shills of hidden powers, freedom to fail no protections or subsidies like PBS to insulate you from ratings issues); 2) NO BUYER OR SELLER BIG ENOUGH TO AFFECT MARKET DEMAND OR SUPPLY (no megaphones not supported by ratings, no one buyer or seller with enough market share or power to move whole markets and reactions of competitors to them); 3) PERFECT EQUAL ACCESS TO ALL RELEVANT INFORMATION AND ANALYTICAL CAPABILITIES FOR CALCULATIONS OF COST-BENEFIT, RISK-REWARD (no hidden insider information or trading, no shadow and administrative pricing distorting true costs and benefits, all social costs and benefits as well as private costs and benefits can be calculated) 4) FACTOR MOBILITY EQUAL AND FREE (all players and inputs free to locate to where expected utility or profit potential calculations induce them to go without barriers to entry or exit); 5) INSIGNIFICANT TRANSACTIONS COSTS ACCESS TO POLITICAL POWER AND INSTITUTIONS EQUALLY DISTRIBUTED
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