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All useful markets are regulated.

• pdonis 5y ago
  All useful markets are regulated by the free choices of the market participants of which transactions they will and will not engage in, yes. The idea that a free market, with the definition of "free" that I gave (all transactions are voluntary) is "unregulated" is simply wrong. In a free market, you can't force other people to do things they don't want to do; you have to get them to voluntarily trade with you. That regulates the behavior of all market participants. And it does it better than any regulation by third parties, who have no skin in the game and suffer no penalty if their regulations cause harm, can possibly do.
  • pessimizer 5y ago
    So you don't even believe that externalities are possible?
    • pdonis 5y ago
      > So you don't even believe that externalities are possible? I said no such thing. I have no idea where you are getting that from.
  • preseinger 5y ago
    No, by central authorities. Unregulated markets lead to exploitative and destructive outcomes 100% of the time. This isn't even a controversial statement, it's just a pithy summary of all relevant history.