Pro-markets, Anti-profits might be a good link to inject some life into this blog again.
A market is at it’s core simply a place of exchange, a bounded area where people converge, either physically or via a mediating technology, in order to move exchange goods, services and information. To be pro-markets is to be in favor of the existence of markets, and to understand that each and every one of them behaves differently. Sometimes this behavior can have quite positive results, sometimes they can be rather negative and generally what reality gives us is a complex and nuanced mix of the two. Overall though markets are places of exchange and exchange itself is a healthy operation. By realizing that some markets behavior better than others we can begin the process of designing better markets, emphasizing those that work well and improving those that need work.
In order to evolve and create better markets, we need to make at least one key conceptual leap, me must break the historic tie between market functions and profit. Markets do not need profits in order to function at all. In fact it’s possible to interpret profits in such a way that they are actually indications of an improperly functioning market, where the existence of profits indicates an inefficiency in market actions, a flaw that a more perfect market would correct. It’s not an approach I’m about to follow, because perfect markets do not exist in the real world, and what I’m interested in is working markets, and the task of making them actually better.