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"Never confuse an unregulated market with a free market." --- (Yes, yes, I understand that to an economist, a "free market" is free of regulation, a product o
by braythwayt 8y ago
"Never confuse an unregulated market with a free market."
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(Yes, yes, I understand that to an economist, a "free market" is free of regulation, a product of laissez-faire economics. But to the lay person, a "free market" is one where prices are set by perfect competition, which requires a balance of power, the prevention of monopolization, and information symmetry.)
- PakG1 8y agoReally? I thought it was the other way around.
- minikites 8y agoBoth are about as real in practice as the Easter Bunny, so it's a distinction without a difference.
- james_s_tayler 8y agoYeah lay peoples definition is the markets which they are used to living with which don't match the technical terms exactly but come close enough for them. I just use the term "free enough market" to describe it.