QotD
"For me, therefore, the BitTorrent response to Bell Canada
provides some rather quick confirmatory proof that (a) 'the free
market' really does work in predictable ways, in that those with
incentive and ability to act will do everything they can to
maximize their short-term advantage heedless of the possible
damage to the underlying system in the long run; and, (b) most
techno-Libertarians seem unwilling to believe that the
Gods of the
Marketplace will permit such blasphemous outcomes to occur --
and will therefore see the bad outcomes as the result of the evil
application providers abusing the innocent network operators
rather than as a predictable market response. But as we members
of the Congregation of the Progressive Capitalist understand,
'The Market' does not care about outcomes. The Market moves in
accordance with its own dictates, indifferent to the results,
bringing highly predictable ruin even unto itself if not properly
managed and directed as needed. Which is why I 'trust the
market' but I do not worship it.
"You want certain
outcomes? Be prepared to regulate where reasonable understanding
of market incentives predicts that the most likely outcome is not
what you want. Otherwise, take what comes from the Gods of the
Marketplace, who remain both predictable and utterly indifferent
to your needs or desires."
-- Harold Feld,
2008-12-01