From: Edward Lewis [mailto:Ed(_dot_)Lewis(_at_)neustar(_dot_)biz]
At 11:42 -0500 11/29/06, Emin Gun Sirer wrote:
Let's not torque the discussion off topic. Free market
economics does
not come to bear on the issue because there is no free
market to speak
of for registries.
What did I say about frictionless surfaces?
Edward, assume frictionless surfaces is what a physicist says to an engineer.
This is economics, a consensual delusion on a much grander scale.
We did not merely assume the surface to be frictionless: by making the
assumption we caused the surface to become frictionless.
Having assumed a free market we have caused the market to become free of all
defects such as time delay, liquidity, imperfect knowledge and all the other
real world effects without which Wall Street would make no money.
Having assumed that people behave as perfect evaluators of their narrow self
interest and act in strict accord with those interests we have turned the
entire population into selfish bastards who can calculate their best interest
to three decimal places.
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