The Guardian notes that Richard Lambert of the CBI said this week that:
In a free society, it's not the job of a politician – or, for that matter, of a regulator – to argue that a particular form of activity is or is not of social value.
Let’s try that on the following for which there is undoubtedly market demand:
¬? Child labour
I could go on.
Do I need to do so?
Market enthusiasts are really making complete fools of themselves at the moment. They need to face reality: just because there is a market for something does not make it right. Just because a price can be set does not mean there is value. Willing participants does not even mean benefit results.
Have these people never heard of externalities? Or ethics? Or society? Or democracy?
If not, how worried should we be?