I have no doubt that Gruber will find reasons why the EU is bad and regulation is bad. At this point it's rather amusing how Daring Fireball (and many other American media) rants against regulation, and in another post complains about how companies exploit users. Regulation is unfortunately necessary: the market isn't as magical as we would like it to be and competition is not a magic wand that makes everything good…
It's a totally reasonable position that both regulation and companies exploiting users are wrong. And it's also entirely a moral assertion that markets should resolve to outcomes judged by members of some political apparatus. Likewise, the idea that a third party should interfere with economic relations between two consenting parties is also a moral judgement, not an absolute fact. Most arguments in favour of regulat…
Free market absolutists don’t know what they are talking about.
The actual originators of market capitalism, most famously Adam Smith, but also proponents like Milton Friedman, had no such confusion.
In reality, today’s free market absolutists don’t get their ideas from economists (even free market economists). Instead, they get their ideas from terrible mid 20th century novelists (I’ll let you figure out who I’m talking about), who didn’t know much about how anything worked, never mind economics.