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Posts tagged ‘Will Roberts’

The Robot in the Market Machine

News reports from yesterday’s sharp drop of the Dow point to the role of computer algorithms that sell stocks when they reach a certain point as one of the main sources of the drop.  This explanation would appear to be the logically absurd conclusion of a so-called free market economy.  Defenders of a free market economy maintain that the market can best distribute goods at the right prices when human beings each act for their own self-interest.  Will Roberts makes the case that this surrender of human decision-making to the market is why Marx argues that capitalism does not cultivate freedom.  In a market economy, human beings no longer deliberate collectively about what is best.  They each act for themselves and the market decides.  They lose the collective work of speaking together about how to direct the community. Read more