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Summary Introduction and Overview Economic analysis of law is a balancing act. In analyzing this balance, seven themes emerge: The myth of laissez-faire. Preference formation and social norms. The contextual character of choice. The importance of fair distribution. The diversity of human goods. The way law can shape preferences. Puzzles of human rationality.

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These seven themes are analyzed in three areas: Foundational Issues, Rights, and Regulations. Foundational Issues Laissez-faire is a myth. A free market requires the rule of law. They haven't produced social justice, unless your idea of "justice" is privileges for government officials and shortages of basics like food and toilet paper for ordinary people.

Only socialism could take an oil-rich nation and turn it into one where people wait in line for hours for survival rations. The left-wing Guardian newspaper quotes a Venezuelan farmer saying that Chavez's policies left Venezuela with "no one to explain why a rich country has no food. Not many people in Venezuela give such explanations—the government censors its critics—but free-market economists can explain.

Goods don't get matched to consumer needs by anyone's burning desire for justice. The amazing coordination of the marketplace happens because sellers and buyers are free.

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Sellers can sell whatever they choose at prices they choose. Buyers decide whether to pay. That flexibility—and chance to make a profit—is what persuades people to create what customers want and risk their own money and safety to stock it in a store. Without the free market setting prices and allocating resources, all the cries of "justice" in the world don't help anyone. You can't eat justice.


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You can't use it as toilet paper. Intellectuals, activists and government alike love it when politicians take "tough," decisive action—usually meaning sudden interference in the marketplace. A year and a half ago, Venezuelan government used the military to seize control of Daka, one of the country's largest retailers, in order to force the chain to charge "fair" prices. Punish those rich, greedy store-owners!

Socialists say capitalists just want to make a quick buck, but it's government that can't plan for the long haul.

Free Market Fairness

Instead of thinking in terms of returns on investment and sustainable business models, socialists think only of today: They see people who need stuff and stores full of stuff. Take the stuff and give it to people, and then tomorrow—well, those capitalists will always bring in more stuff, I guess. Sometimes activists admit they aren't very interested in economics. What they really want is a more "tolerant" world with less sexism and racism. They act as if capitalism is an obstacle to that. But it isn't. Capitalist societies are less racist and less sexist than non-capitalist ones.


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    Calls for ‘Social Justice’ Won’t Work Without Free Markets – tyruvyvizo.cf

    More up icon. Free exchange Economics. Markets and social justice: two great tastes that taste great together Efficiency serves the left's ideals Free exchange Oct 5th by Free Exchange Washington, DC. What has often been the norm in Europe from the 60s until recently — heavy market regulation, protection of the status quo , an enormous public sector which rewards not the very poor but the most-connected and requires highly distortionary taxation, universities which often produce mediocrity in the name of egalitarianism while the very rich get a good education anyway, somehow — all end up decreasing efficiency and justice at the same time.

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