46
edits
Changes
Jump to navigation
Jump to search
Line 401:
Line 401: + + + + + + + + + +
Suggestion for related material on theory of private property
::: ''Everyone has been warned several times.''When and by whom? I thought this was a mature debate (until I read 'who gives a rip', that is). [[User:Pachyderm|Pachyderm]] 11:25, 11 September 2007 (EDT)
::: ''Everyone has been warned several times.''When and by whom? I thought this was a mature debate (until I read 'who gives a rip', that is). [[User:Pachyderm|Pachyderm]] 11:25, 11 September 2007 (EDT)
== Does this article need a section discussing the theoretical advantages of private property? ==
Of course, the problem with theoretical economics is that it can wander far from the real world. Hense, the invention of experimental economics was one of the sharpest of blows to communism/socialism as political movements. On the other hand, merely observing that communism and socialism have a bad historical track record isn't really a satisfying treatment of the question. If it's true that free markets are systematically more efficient (and I think it is), then it should be possible to offer a theoretical defense of them more satisfying than Churchill's formula regarding democracy.
Alternatively, perhaps what is needed is a good article on private property and free market microeconomic theory, which can be linked.
Off the top of my head, the key points that ought to be addressed are: (1) the improved efficiency that comes from the reduction in rent seeking when assets are privately owned; (2) the improved efficiency that results from the internalization of externalities that results when assets are privately owned; and (3) the tremendous advantage in computational power of distributed decisionmaking systems over central processing systems, as specifically applied to to the economic decisionmaking systems of a democratic free market, on the one hand, and the central planning body in a command economy, on the other.
Does anyone have any thoughts on what would be the most helpful approach?