- 356 Posts
The Free Market
In your opinion, how would you describe the free market, and do you find it satisfactory?
I often describe the free market as a dynamic relationship where people express their needs and wants and other people fulfill them. For example, maybe I want to access the internet on the go. There are people willing to sell products with internet access, like tablets and smartphones. People buy what appeals to them, and the products that sell well become successful. Those that don't fail and go off the market.
Sometimes people interfere with the market to a point where it may no longer be a free market. I would be interested in discussing the consequences of such actions, too.
- 11-15-2013, 08:51 PM #2
- 740 Posts
Re: The Free Market
I'd go along the lines of your description, like the ability for multiple entities to make deals independent of government or other arbitrary interference. Now I do think we need guardrail type legislation such as contract laws that can protect both parties equally, but the phrase I hate most in this area is "we need to level the playing field." Usually when one entity is advocating that, the field was already level and they made a business decision they thought would work for them that has made them less competitive, and now they want everyone else to be forced to do the same instead of removing their self induced handicap.
- 11-16-2013, 10:08 AM #3
Re: The Free Market
Pure free market Keynesian economics are economics of the past. If you have ever played Monopoly, you see what happens to pure free market Keynesian economics without regulations. Before antitrust laws, we saw companies monopolizing more than one segment of the economy. At one point in time when you bought a Hostess Twinkie the label said made by Continental Bakeries a subsidiary of ITT.
There are certainly positive aspects to pure free market Keynesian economics as long as you have multiple, competing units. If you don't have multiple competing units, it's useless. Look at Wireless Carriers. We are basically down to two major carriers, AT&T and Verizon. I don't see them competing, rather they are playing follow the leader, ie, If they can get $80, we can get $90. The same with the oil companies. I won't say there's collusion, but they aren't competing. The other problem is the more you take in and the less that you pay out the better. This leads to exploitation, which is a major reason why corporations leave the United States and put factories up where people (and children) work 12 days, 6 days a week for $2 a day.
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