Shibboleth Watch
I thought I smelt a shibboleth the other day, and lo and behold, a couple of days later, I find "Mr. Shibboleth" himself, Noah Smith, signalling his membership in the ingroup: "Just as an ecologist would assume that an ecosystem is working fine unless there were something obviously going wrong, economists tend to assume that markets are working OK unless there is obviously something the matter. The basic results in economic theory that say that "markets are good," although expressed in terms of voluntary exchange, utility maximization, etc., are really just formalizations of this naturalistic assumption." (Emphasis mine.) Humans have been around for 100,000 years, give or take, depending on who you count as human, etc. Out of a very long time, markets have only dominated human life in a small part of the globe for a very small stretch of that time, and their "goodness" has been questioned as far back as we can discern. So how is this assum...