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The free market proscribes fraud.
by skookumchuck 8y ago
The free market proscribes fraud.
- 394549 8y agoOnly if you get caught.
- skookumchuck 8y agoThat's like saying "murder is proscribed only if you get caught".
- InclinedPlane 8y agoIn the most abstract way possible: sure, in the real world: not so much.
- skookumchuck 8y agoMisrepresenting your product is fraud and is illegal in a free market.
- InclinedPlane 8y agoMisrepresentation is commonplace, even outright fraud is commonplace. Serious fraud is a multi-billion dollar industry. "Light fraud" and gray area misrepresentation is at least hundreds of billions of dollars a year.
- skookumchuck 8y agoIt's still illegal under a free market, and prosecutable.
- 394549 8y agoThe "free market" doesn't make fraud or misrepresentation illegal, the laws and regulations of the dreaded government do. The worst the free market can do to a fraudster is to stop dealing with her as knowledge of her frauds becomes widely known. That, of course, doesn't work very well to limit fraud.