Now, think about ancient Egypt, the Incas, Greece, Rome, the Muslim empire, the Silk Road, the Spanish empire in the New World, the early European empires in India and the Far East, or the antebellum South in the United States. Were there markets and was there trade? Absolutely. Did they meet the strict definition of a market economy? My sense is no.Kling's factors of determination are: production sources, transportation mandates, and labor mobility.
Originally from the pit at Tradesports(TM) (RIP 2008) ... on trading, risk, economics, politics, policy, sports, culture, entertainment, and whatever else might increase awareness, interest and liquidity of prediction markets
Wednesday, April 02, 2008
The difference between markets and a market economy
as specified by Arnold Kling:
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