Subject:
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Honest Capitalism (Was Re: DYA -> eBay 8880 money-making scheme)
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Newsgroups:
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lugnet.general, lugnet.market.theory
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Date:
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Mon, 6 Sep 1999 15:35:07 GMT
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Viewed:
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744 times
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Larry Pieniazek wrote in message <37D14FD9.3E0F3C70@voyager.net>...
> Totally agree with Mike here (1) Arbitrage is a good thing. Arbitrage
> also drives prices to where they belong. Taking advantage of market
> inefficiencies in and of itself increases the efficiency of the overall
> market in the long run.
I'm in way over my head when it comes to understanding economics. I'll
accept your explanation of arbitrage, despite still not understanding how it
is better than simply spreading market information, let alone how it benfits
human beings. I guess that's just how our economies work, eh?
> My take is be honest. I'd even go so far as to reveal my sources. Your
> mileage may vary.
Ok, well my opinion is that making money from "undivulged" information is
not exactly honest regardless of whether or not someone asks for that
information. Don't get me wrong, I don't mean to imply it's in the ballpark
of "grabbing purse from old lady" dishonest! Just a teensy bit dishonest. In
moral terms, then, the justification seems to be that the benefit to the
economy "helps" enough people to compensate for this. Am I making sense?
You see, I didn't know what the moral justification was, that's what got me
up in arms (a little bit). Funny, I'm not usually this moral. I guess it's
Lego that does that. It always reminds me of when I stole Lego pieces from
another kid, and only when I was satisfied that he didn't play with it at
all so that I was doing the Lego a favour[1]. Anyway, I bought all of his
Lego years later at a very generous price, so that felt as though I had
atoned for my past sins. And he never missed the pieces either, I asked him.
> Paul, someone offline commented to me that OZzies tend to automatically
> take the side of the apparent little guy. Is that the case here? Worthy
> sentiment but not always one that gets you on the "right" side of the
> discussion. :-)
I didn't automatically take that side, it was more a case of I didn't
understand the moral implications of this particular practice. Personally I
don't care what side of the discussion I'm on, as long as both sides are
reasonable. I like to think that I'm a reasonable man, and from here I stand
corrected[2]. Thanks for sharing. You could always have offered to enlighten
me for a small monetary fee, of course ;-)
Wow, isn't Capitalism cool. Actually, Capitalism is a big ol' pile of donkey
doo[3].
G'night all!
Paul
[1] And I was still deeply ashamed of it!!! But felt good to give that
second grey 4x4 space nozzle such a good career, believe you me.
[2] Well, I won't be making this mistake again -- anyone for a new unopened
6544 Shuttle Transcon 2? Only $150......
[3] Is that the correct way to start in .off-topic.debate? :-)
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