4 ms·

Why do we have to establish a market?

• chimeracoder 11y ago
  By definition, it's a market if there are two or more entities exchanging scarce goods or services. Medical care is a scarce good, medical research is a scarce good, and money is a scarce good, so it's a market, no matter how we structure it. If one (or both) of those parties is a sovereign state, or if we set arbitrary restrictions on the price and/or quantities traded, that doesn't change the fact that it's a market.
  • codemac 11y ago
    That's a much broader definition for the word market than I generally use. Thank you for the explanation.