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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.
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.
The company maintains that it cannot act against individual or group chats, which are “private amongst their participants,” but it will respond to requests in relation to sticker sets, channels and bots which are publicly available. During the invasion of Ukraine, Pavel Durov has wrestled with this issue a lot more prominently than he has before. Channels like Donbass Insider and Bellum Acta, as reported by Foreign Policy, started pumping out pro-Russian propaganda as the invasion began. So much so that the Ukrainian National Security and Defense Council issued a statement labeling which accounts are Russian-backed. Ukrainian officials, in potential violation of the Geneva Convention, have shared imagery of dead and captured Russian soldiers on the platform. On February 27th, Durov posted that Channels were becoming a source of unverified information and that the company lacks the ability to check on their veracity. He urged users to be mistrustful of the things shared on Channels, and initially threatened to block the feature in the countries involved for the length of the war, saying that he didn’t want Telegram to be used to aggravate conflict or incite ethnic hatred. He did, however, walk back this plan when it became clear that they had also become a vital communications tool for Ukrainian officials and citizens to help coordinate their resistance and evacuations. 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 S&P 500 fell 1.3% to 4,204.36, and the Dow Jones Industrial Average was down 0.7% to 32,943.33. The Dow posted a fifth straight weekly loss — its longest losing streak since 2019. The Nasdaq Composite tumbled 2.2% to 12,843.81. Though all three indexes opened in the green, stocks took a turn after a new report showed U.S. consumer sentiment deteriorated more than expected in early March as consumers' inflation expectations soared to the highest since 1981. In the United States, Telegram's lower public profile has helped it mostly avoid high level scrutiny from Congress, but it has not gone unnoticed.
from hk
