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Forum Post: The Market - Noam Chomsky

Posted 2 years ago on Nov. 5, 2013, 1:31 p.m. EST by struggleforfreedom80 (6584)
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[-] 4 points by beautifulworld (22113) 2 years ago

It's well known among economists that markets are inefficient." Chomsky.

"Externalities," which are the affects one economic decision has on other economic situations, (or people) are not considered. So, here you have it. For example, an employer extracts profits by paying an extremely low wage to make a lot of money for it's own corporation in the very short term, because that is all that matters to it, but, this causes systemic suffering as the economic system as a whole pays the price when people's wages are so low that they do not have enough money to survive, let alone spend.

Markets are inefficient because all they care about is the extraction of profit and that does not create a healthy environment for human beings.

[-] 5 points by struggleforfreedom80 (6584) 2 years ago

The economy is dominated by exploitative private tyrannies becoming wealthier and more powerful every day. Capitalism is undemocratic, unjust, unsustainable and immoral; its intolerable.


[-] 4 points by beautifulworld (22113) 2 years ago

Amen, sff.

"A corporation is just a tyrannical system. One of the most tyrannical systems that humans have ever devised yet they've been given extraordinary rights by the courts.....They're basically unaccountable to the public....." Chomsky.

[-] 1 points by HCHC4 (-28) 2 years ago

Gas is down to 3.09 here. Down from about 3.60 a month or two ago.

I joked with the gas guy that it must mean that people are driving 15% less since August, or predicted to be driving 15% less in February.

He laughed, and said "No, its just them screwing everyone as usual".

If all our houses were ran off of hydro, solar and/or geo, this problem would go right away.

So would our electric bills.

So would our gas bills.

The quantitative easing of the 2007-2012 years would have put a solar unit valued at 35k on every home in the entire nation. The last year we are at almost a Trillion already, prob enough to cover a lot of retail and light commercial.

What a racket we are in.

[-] 4 points by beautifulworld (22113) 2 years ago

Exactly. Excellent examples. And, here is a great clip from Dylan Ratigan's show with author Harriet Washington on the extraction of profits by pharmaceutical companies. They talk about how instead of curing African sleeping sickness, big pharma prefers to use that drug for a woman's facial cream for much bigger profits. This is a must see video.


[-] 0 points by HCHC4 (-28) 2 years ago


[-] 3 points by beautifulworld (22113) 2 years ago

I tried to find that link the other day when you posted about Ratigan but I couldn't find it. It used to be easy to find but not anymore. I finally found it today and am so happy because I've never forgotten it. Every American should watch that clip.

[-] 2 points by MattLHolck (16833) from San Diego, CA 2 years ago

35k is what I live on for 3 years

[-] 4 points by Ache4Change (3340) 2 years ago

Chomsky sums up the vagaries of the market very well, in just four minutes in your excellent short video. Thank you for a very good post although I do wish his voice wouldn't make me feel sleepy but perhaps that's the time of day and the weekend looming :)

http://www.nationofchange.org/chomsky-occupy-movement-has-created-something-didn-t-really-exist-us-solidarity-1337271587 .

Never Give Up Exposing And Explaining! Occupy The Issues! Solidarity.

[-] 3 points by struggleforfreedom80 (6584) 2 years ago

Glad you liked the video. Yeah, I saw that interview. Great stuff.

[-] 5 points by Ache4Change (3340) 2 years ago

'Rand Paul's Zombie-nomics versus Janet Yellen' - http://www.nationofchange.org/rand-paul-s-zombie-nomics-versus-janet-yellen-1384527701 - by Greg Palast & between a rock and a hard place for The 99% and what is really needed is Democracy! Also - http://www.nationofchange.org/wikileaks-leaks-controversial-secret-trans-pacific-partnership-documents-1384444412 - Never Give Up! Occupy The Alternatives! Solidarity.

[-] 4 points by struggleforfreedom80 (6584) 2 years ago

Thanks for the links. shooz coined the phrase "libe(R)tarian". I think that phrase pretty much sums up both RP jr. and RP sr.

[-] 3 points by Ache4Change (3340) 2 years ago

Libe(R)tarians are empty shells and echo chambers, whose diseased thinking has infected far too many people and not by accident but by propaganda - http://www.nationofchange.org/koch-backed-nonprofit-spent-record-cash-2012-1384785002

'Marx famously wrote, "The history of all hitherto existing society is the history of class struggles." We seldom if ever connect Marx with the problems of overpopulation or pollution or a presentiment of something even more insidious than class struggles – namely, global warming. History has conspired to marginalize Marx precisely when we need him most. Why?' see - http://www.nationofchange.org/what-did-marx-know-and-when-did-he-know-it-capitalism-s-dirty-little-secret-1384788175

Never Give Up On The 99%! Occupy The Issues! Solidarity.