[Vision2020] Yay for innovation

Ted Moffett starbliss at gmail.com
Thu Sep 30 19:56:03 PDT 2021

Innovation?  Ha, ha, ha... Who would be against "innovation?"  As if we are
to always assume the most noble and ethical intentions, and the most
favorable outcomes for society, when corporate bottom line market
forces pursue "innovation?"  Free market fundamentalism?
***** Original material contained herein is Copyright 2000 through life
plus 70 years, Ted Moffett.  Do not copy, forward, excerpt, or reproduce
outside the Vision2020.Moscow.com <http://vision2020.moscow.com/> forum
without the express written permission of the author.*****

A couple of quotes from website copied below:


Market Fundamentalism

"...the term “Market Fundamentalism” was coined by Nobel Prize winner and
former chief economist of the World Bank itself –Joseph Stiglitz.

Stiglitz (2015) stated in an recent interview “The theories that I (and
others) helped develop explained why unfettered markets often not only do
not lead to social justice, but do not even produce efficient outcomes.
Interestingly, there has been no intellectual challenge to the refutation
of Adam Smith’s invisible hand: individuals and firms, in the pursuit of
their self-interest, are not necessarily, or in general, led as if by an
invisible hand, to economic efficiency.”

The myths of Market Fundamentalism include:

   1. The market is the only source of innovation and it must be left alone
   if we want to accelerate technological change.
   2. Government will always spend money less productively than private
   citizens; this is why tax cuts are almost always a good idea.
   3. Regulation of business is wasteful, unproductive and usually
   4. Financial markets thrive when regulation is kept to a minimum.
   5. Private firms will always produce a good or a service more
   efficiently than the government.
   6. It is wrong to regulate wages or executive compensation because
   markets always get prices right.
   7. Government assistance always ends up hurting the people it is
   supposed to help.

On Fri, Sep 24, 2021 at 4:25 PM Don Coombs <doncoombs at gmail.com> wrote:

The European Union has been subjected to criticism in the past, some
> justified and some not justified.
> But how can anybody object to yesterday's action requiring all smartphones
> to have standard connections for charging? Well, Apple did, because it
> would inhibit innovation.
> If we had more of that kind of innovation, maybe we wouldn't be able to go
> next door and plug in our toothbrushes. Oops, I already can't do that.
> =======================================================
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/vision2020/attachments/20210930/dd3396d2/attachment.html>

More information about the Vision2020 mailing list