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Ethics and economics are cool subjects that I like to<br>
read about and discuss, but as much as I'd enjoy<br>
talking about it, this has probably strayed far<br>
enough from CCL development...<br>
Raffael Cavallaro wrote:
<blockquote type="cite" cite="mid:7FBCAA95-DCD7-43DC-B0B6-C724320DE4EF@mac.com">
<pre wrap="">On Feb 24, 2011, at 11:54 AM, Ron Garret wrote:
<pre wrap="">On Feb 24, 2011, at 8:36 AM, Tim Bradshaw wrote:
<pre wrap="">On 24 Feb 2011, at 14:59, Raffael Cavallaro wrote:
<pre wrap="">Hold on, do you mean to say that the wisdom of the market won't make the right decision here without some sort of regulatory intervention?
<pre wrap="">No. The market considers it fine for a few people to die. When lots of people start dying then things will get fixed, because that costs a lot of money.
(This is, partly, a joke).
<pre wrap="">Why? This is exactly as it should be.
Not *exactly*. The reason for regulation is that there will always be market participants who want to cut corners to increase profits. The market will of course "learn" about these participants, but in some markets (like avionics) that "learning" can take the form of hundreds of deaths. We have regulation where the cost of market "learning" is judged too high.
I once heard it argued that there was no need to outlaw slavery in the US - the market would have "learned" that paying wages and/or using automated machinery for slave jobs was more efficient. Of course the cost of that market "lesson" would have been years or decades of continued slavery.
 Apparently some Dominicans, to pick one example, still haven't learned this market "lesson" as they continue to enslave haitians as cane cutters, domestic servants, and sex workers.
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