alt Hacker NewsManifesting the Invisible Hand requires a lot of prerequisites that are obviously untrue in the real world. Like that customers are able to do research and understand the findings.
I don't understand how libertarians look at the current state of things and conclude that fewer regulations would solve the problem.
Replies
Are you saying that all regulation is good, and that regulation can’t ever be misguided, harmful, counter-productive, etc.? And that the best solution to any problem is to enact regulation (which doesn’t even have to be good?)
If you’re not saying that, then what is so hard to understand about the conclusion that we could solve some problems by repealing bad regulations?
Are you suggesting that the people who could afford $700 for a Humane AI pin last year were not capable of doing research about the company, its history, its prospects? Every one of these people have access to the sum total of all human knowledge in 10 seconds at their fingertips. Come on.
This is a completely new product, in a category that never existed and no one was desperately demanding. It was bought with the disposable income of wealthy people who enjoy trying new technology and knew exactly the risk they were taking. Are you seriously going to dispute that? Why is this a space that needs to be regulated?
> Manifesting the Invisible Hand requires a lot of prerequisites that are obviously untrue in the real world. Like that customers are able to do research and understand the findings.
Worse. It requires that doing so is effectively free. Otherwise, a successful strategy is to lower your product quality compared to your competitors by an amount just shy of the cost of discovering the lower quality. This leads to a race to the bottom.