3 ms·
> The result of a free market is that the better products will always win out. That is patently incorrect. There are many examples of market failures that prod
by pdkl95 10y ago
> The result of a free market is that the better products will always win out.
That is patently incorrect. There are many examples of market failures that produce incorrect, poor quality, or even predatory results. A recent example is the total disregard for security in many (most?) "IoT" products, and the market for lemons[1] is the canonical example of a market that specifically selects for bad results ("lemons"). Note that the latter example of markets not producing "better products" was worth a Nobel Prize.
In a truly free market, the product that is most efficient for the market wins. This is often (but not always) the most profitable product. Sometimes it may also be the "best" product, depending on your point of view, because profit (or price) is not the only metric that is used in determining which product is "best".
[1] https://en.wikipedia.org/wiki/The_Market_for_Lemons https://en.wikipedia.org/wiki/The_Market_for_Lemons