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To add, Adam Smith's original postulation of a free market was an explicitly regulated market (for example to prevent monopoly influence). There are all sorts
by joshuamorton 7y ago
To add, Adam Smith's original postulation of a free market was an explicitly regulated market (for example to prevent monopoly influence).
There are all sorts of ways we aren't in that world (for example a free market requires a fully informed set of buyers, which practically speaking never exists).
- ucaetano 7y agoExactly! Free market != laissez faire. But a market where exorbitant costs of regulation drive up the minimum efficient scale to the point that no new entrants are possible is also not a free market.