@morbiuswilters said:
Free market capitalism is what leads to the efficient allocation of resources. By permitting price to be set by current supply and demand, resources go to the most imporant uses during times of scarcity and during times of over-production cues are given to supplies to reduce production.
No, resources go to those most able to afford them in times of scarcity. Sadly that's not always the same thing.
Economics is a powerful tool for understanding human interactions; those who think it explains everything are, I think, being short-sighted. It may make 'economic sense' to shut down a factory that is becoming less profitable (never mind those that rely on the work there or their families); or to allow millions to live under crippling debt in Africa because their grandparents' rulers squandered money lent at extortionent rates by ours; or for Union Carbide to have more relaxed safety standards in India than would be allowed in the US. But personally I think that misses the point.
And the World at the moment is a pretty good place to be, and one on which everyone alive could live comfortably and sustainably if we so chose. It's pretty selfish just to say we'll do whatever we want now, and screw our children. Yes, they may be able to overcome whatever problems we leave them to deal with; but if I were to be born a few generations from now I know I'd rather not inherit an Earth where the seas are full of litter and devoid of fish, and each city isn't surrounded by pits of garbage and nuclear waste.