Tuesday, 14 May 2013

Unsportsmanlike behaviour

Here is a model of an ideal, competitive market in, for example, the banking sector. The "winners" are those who make lots of money from sensible business decisions, and whose assets are deemed, by a referee, to be sound.

Note that the field is level, and that all players are starting from the same position, are unarmed, and none is attempting to bribe the referee. Like I said: "ideal".

Shortly after this picture was taken, however, things started to go awry. The three pigs on the right obtained an AK-47 and used it to extort extra money to compensate for terrible business decisions they had made in the past. There is also a distinct possibility that one or more of them passed the referee a backhander with a polite request to declare a rival's assets unsound (the brown envelope is just outside the picture).

Bacon buttie, anyone?

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