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The most important function of an open market is the price signals it generates. These signals, in theory, adjust the future behavior of participants, ensuring optimal use of scarce resources. For example, if the price of fire insurance increases, a possible outcome is the construction of fireproof homes using new technologies or fewer constructions in fire-prone areas.

What happens when the government intervenes in the market and dictates prices? If prices are lower than would've been otherwise, shortages of goods and services will take place. The Soviet Union in the past and Cuba today are great examples of that. Wasteful oversupply occurs when a dictated price is higher.

A democracy operates under vox populi principle. Thus the government is a collective will of voters. Since voters are humans they exhibit human-like behavior. That is to get things for less and ensure bargains into the future.

In states like California and Florida, an insurance commissioner, who is elected, prohibits insurance companies from pricing risks based on future expectations of natural disasters. Premiums were allowed to go higher so long as actuarial models were supported by past events only. Since natural disasters occur more frequently, looking into a rearview mirror to calculate premiums will ensure prompt bankruptcies of insurance companies. Since the government cannot force the rendering of services from private actors, the industry reacted with a very rational decision and mostly left these states. Acquiring fire insurance in parts of LA became problematic. The number of homes without one jumped. Coverages have gotten thinner from a remaining state-funded company. That was the backdrop before the recent devastating fires.

For more nuanced coverage take a listen at Patrick Boyle's video.

#economics #ЖадностьПорождаетБедность
January 2025



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The most important function of an open market is the price signals it generates. These signals, in theory, adjust the future behavior of participants, ensuring optimal use of scarce resources. For example, if the price of fire insurance increases, a possible outcome is the construction of fireproof homes using new technologies or fewer constructions in fire-prone areas.

What happens when the government intervenes in the market and dictates prices? If prices are lower than would've been otherwise, shortages of goods and services will take place. The Soviet Union in the past and Cuba today are great examples of that. Wasteful oversupply occurs when a dictated price is higher.

A democracy operates under vox populi principle. Thus the government is a collective will of voters. Since voters are humans they exhibit human-like behavior. That is to get things for less and ensure bargains into the future.

In states like California and Florida, an insurance commissioner, who is elected, prohibits insurance companies from pricing risks based on future expectations of natural disasters. Premiums were allowed to go higher so long as actuarial models were supported by past events only. Since natural disasters occur more frequently, looking into a rearview mirror to calculate premiums will ensure prompt bankruptcies of insurance companies. Since the government cannot force the rendering of services from private actors, the industry reacted with a very rational decision and mostly left these states. Acquiring fire insurance in parts of LA became problematic. The number of homes without one jumped. Coverages have gotten thinner from a remaining state-funded company. That was the backdrop before the recent devastating fires.

For more nuanced coverage take a listen at Patrick Boyle's video.

#economics #ЖадностьПорождаетБедность
January 2025

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"We as Ukrainians believe that the truth is on our side, whether it's truth that you're proclaiming about the war and everything else, why would you want to hide it?," he said. Some people used the platform to organize ahead of the storming of the U.S. Capitol in January 2021, and last month Senator Mark Warner sent a letter to Durov urging him to curb Russian information operations on Telegram. The original Telegram channel has expanded into a web of accounts for different locations, including specific pages made for individual Russian cities. There's also an English-language website, which states it is owned by the people who run the Telegram channels. The regulator said it had received information that messages containing stock tips and other investment advice with respect to selected listed companies are being widely circulated through websites and social media platforms such as Telegram, Facebook, WhatsApp and Instagram. It is unclear who runs the account, although Russia's official Ministry of Foreign Affairs Twitter account promoted the Telegram channel on Saturday and claimed it was operated by "a group of experts & journalists."
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