We can distinguish six classes of market impeders:
1. Crooks and other illegal operators. These take advantage of
ignorance, superstition, greed, avarice, emotional states of mind of
their victims - to strike. They re-allocate resources from (potentially
or actually) productive agents to themselves. Because they reduce the
level of trust in the marketplace - they create negative added value.
(See: "The Shadowy World of International Finance" and "The Fabric of
Economic Trust").
2. Illegitimate operators include those treading the thin line between
legally permissible and ethically inadmissible. They engage in petty
cheating through misrepresentations, half-truths, semi-rumours and the
like. They are full of pretensions to the point of becoming impostors.
They are wheeler-dealers, sharp-cookies, Daymon Ranyon characters,
lurking in the shadows cast by the sun of the market. Their impact is
to slow down the economic process through disinformation and the
resulting misallocation of resources. They are the sand in the wheels
of the economic machine.
3.
The "not serious" operators. These are people too hesitant, or phobic
to commit themselves to the assumption of any kind of risk.
Pages:
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212