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Free markets don't require any intervention, we choose to modify the model and have a free-ish market because we ultimately don't trust those invoked long term.
by flagrant_taco 3y ago
Free markets don't require any intervention, we choose to modify the model and have a free-ish market because we ultimately don't trust those invoked long term. That isn't the conceptual design though, ideally a free market handles monopolies on its own when customers simply walk away from the bad actor.
- uoaei 3y agoMaybe you're just choosing not to read my comment and steamroll what I said. I can't tell. Adam Smith, the guy who defined the term "free market", defined it as I described, not as you have attempted to retcon.
- flagrant_taco 3y agoI'm not trying to steamroll you, I just disagree. I can't find a source defining free markets as requiring government intervention, I'd be really curious to e one of you have it. Adam Smith didn't think government intervention was necessary, as best I recall. He described what he called the invisible hand, but that is the natural market forces of self-interested parties not government control. I copy/paste a quote from Investopedia right now for some reason, but Smith described his opinion of the tiles of government and it specifically didn't include controlling the free market https://www.investopedia.com/updates/adam-smith-wealth-of-nations/ https://www.investopedia.com/updates/adam-smith-wealth-of-na...