It doesn’t require people to act morally, it requires them to act according to their long term self interest, assuming they are… immortal. And we all know human beings are omniscient and immortal. So no problem. /s
But it doesn’t, it just requires people to act in their short term self interest, and government’s role should be to ensure the long term costs are included in current market prices. So things like Pigouvian taxes and regulations should increase short term costs for things with long term costs.
The problems we see aren’t problems with capitalism (capitalism is working as expected in serving short term interests), the problem is with governments not doing their job in accounting for longer term costs.
It doesn’t require people to act morally, it requires them to act according to their long term self interest, assuming they are… immortal. And we all know human beings are omniscient and immortal. So no problem. /s
But it doesn’t, it just requires people to act in their short term self interest, and government’s role should be to ensure the long term costs are included in current market prices. So things like Pigouvian taxes and regulations should increase short term costs for things with long term costs.
The problems we see aren’t problems with capitalism (capitalism is working as expected in serving short term interests), the problem is with governments not doing their job in accounting for longer term costs.