The Spanish Nomarket

1 posts

Cornelio
http://www.burbuja.info/inmobiliari...ria-economica-el-nomercado-6.html#post2421995

It's been a long time since the voice in my head told me to start a thread, but today it is very persistent; therefore, I bring to your attention what I consider to be the greatest contribution of Spain to Economic Theory: the Nomarket.

The Nomarket has nothing to do with Braudel's Anti-market, oligopolies, or any other real life deviations from the ideal market of Adam Smith. The Nomarket is completely different from the market: it is a mechanism to create and sustain wealth, based in the non-exchange of goods and services.

In the Nomarket you can find nosellers and nobuyers. Their main func_tion is to set the noprices at which goods do not change hands. Nobuyers would like to become buyers, and they would be willing to pay the noprices asked by nosellers, but they would need credit to do so, something impossible since banks have suddenly realised that the average prospective buyer's income will never be enough to return the loan. Were a nobuyer (improbably) to obtain a loan, and pay the noprice asked by the noseller, a sale would actually happen; the unfortunate noseller would realise he has undersold, while the remaining nosellers, who in fact don't want to sell, will raise their noprices (thus instantly increasing at a stroke their own wealth and the country's GDP).

"To undersell" is the keystone of this theory, the great and unique contribution of the spanish people to the body of world economic knowledge. "Underselling" is bad, very bad; it just won't do (one'd rather set the asset on fire, or hand it over to the bank). The objective of the noseller is, obviously, to nosell (thus avoiding the dreadful possibility of underselling), while keeping the noprice as high as possible without completely eliminating all nobuyers.

The noprices thus determined allow constant growth of GDP, the existence of a financial system able to report regular profits even in the middle of the worst financial crisis in 80 years, and an economy that will soon grow bigger than the whole solar system. If the USA had transformed their real state market into a Nomarket, things could have been very different; Zapatero didn't tell Bush 'cause he didn't like the guy, but he will tell Obama because he looks like a nice chap.

This may seem a joke, but seriously, the concept of property noprices is the only thing sustaining the tragic fiction that has become the Spanish Eco├▒omy.