3 ms·

This article is calling out exactly what the country needs to relearn. And hopefully we don't have to re-learn it the hard way: The free market isn't what's goo

This article is calling out exactly what the country needs to relearn. And hopefully we don't have to re-learn it the hard way: The free market isn't what's good for society. Market competition is what's good for society. The fact that so many can't see the difference between these two is what has turned "free-market" into a religion. Market competition is what ensures companies compete to improve their products. Market competition is what ensures companies lower prices for consumers. Unregulated free markets create monopolies. Figma being sold to Adobe and scrapped is unregulated free-market. Figma staying unsold, forcing Adobe to compete, is regulated healthy market competition. The fact that free-marketers don't believe in natural monopolies or think that unhealthy monopolies can occur shows how far they will stretch reality to conform to their world view that "fundamentally companies should never be regulated for any reason what so ever". Even while a bank just rescinded regulation and is tipping the financial sector as we speak. Market competition is essentially for a healthy, innovate growing economy and country. Unregulated markets stifle competition and innovation and lead to unhealthy practices.

js8 4y ago
I would add one caveat there - market competition for companies, not people. It has also been used to politically justify low price of labor (especially of the manual and precarious one). I really like Michael Brooks quote: Be kind to people but ruthless to systems.
snapplebobapple 4y ago
There's a nuance issue with your above statement in that you need both a free market and strong competition in that market. You can coerce people or companies to compete in a market all you want with mixed effect but if you have people/companies choosing to compete in a market because they think they can win by providing better value, then you have the actual driver of consumer surplus growth. What this means is that government should focus on restraining/breaking up businesses that have market power and possibly on mitigating natural monopoly situations preferentially if they are going to get involved.
aww_dang 4y ago
>Unregulated free markets create monopolies. Figma being sold to Adobe and scrapped is unregulated free-market. Figma staying unsold, forcing Adobe to compete, is regulated healthy market competition. Do you believe that we are currently in a "unregulated free-market"? What of the easy money policies and price fixing of interest rates? Does this not drive sky high stock valuations, tech hype cycles and acquisitions? Look around the stock valuations in the tech sphere. Companies with no profits are hyped to the moon. Individual investors are speculating on cryptocurrencies with little to no underlying usage. AI virtual assistants are being hyped up as the next big thing. Serial employees are adding "ML researcher" to their resume as if they published research papers in the field. How can you claim this is laissez-faire? Regulators have been shoveling easy credit into the economy. They still cannot raise rates anywhere near their stated inflation metrics... and people are already panicking, blaming them for not providing more free candy.
- 4dayworkweek4u 4y ago
  Currently we have the worst of both worlds.

js8 4y ago

I would add one caveat there - market competition for companies, not people. It has also been used to politically justify low price of labor (especially of the manual and precarious one). I really like Michael Brooks quote: Be kind to people but ruthless to systems.

snapplebobapple 4y ago

There's a nuance issue with your above statement in that you need both a free market and strong competition in that market. You can coerce people or companies to compete in a market all you want with mixed effect but if you have people/companies choosing to compete in a market because they think they can win by providing better value, then you have the actual driver of consumer surplus growth. What this means is that government should focus on restraining/breaking up businesses that have market power and possibly on mitigating natural monopoly situations preferentially if they are going to get involved.

aww_dang 4y ago

>Unregulated free markets create monopolies. Figma being sold to Adobe and scrapped is unregulated free-market. Figma staying unsold, forcing Adobe to compete, is regulated healthy market competition. Do you believe that we are currently in a "unregulated free-market"? What of the easy money policies and price fixing of interest rates? Does this not drive sky high stock valuations, tech hype cycles and acquisitions? Look around the stock valuations in the tech sphere. Companies with no profits are hyped to the moon. Individual investors are speculating on cryptocurrencies with little to no underlying usage. AI virtual assistants are being hyped up as the next big thing. Serial employees are adding "ML researcher" to their resume as if they published research papers in the field. How can you claim this is laissez-faire? Regulators have been shoveling easy credit into the economy. They still cannot raise rates anywhere near their stated inflation metrics... and people are already panicking, blaming them for not providing more free candy.

4dayworkweek4u 4y ago
Currently we have the worst of both worlds.