unclej0

The Global Oil Scam: 50 Times Bigger than Madoff

You have offered an unjustified simplification of Adam Smith's views. There is a very relevant book review in the NY Times on how the free market fails.

www.nytimes.com/2009/1...

The observable fact is that an under regulated market invites scams and is notoriously unstable. Haven't you noticed?


On Nov 11 03:28 PM stockferret wrote:

> According to Adam Smith, in a free market each participant will try
> to maximize self-interest, and the interaction of market participants,
> leading to exchange of goods and services, enables each participant
> to be better of than when simply producing for himself/herself. He
> further said that in a free market, no regulation of any type would
> be needed to ensure that the mutually beneficial exchange of goods
> and services took place, since this "invisible hand" would guide
> market participants to trade in the most mutually beneficial manner.
>
>
> How is that working out for ya?