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The free market, remember, is only efficient under certain circumstances, particularly: transaction costs must be low and there must be few barriers to entry.
by fennecfoxen 14y ago
The free market, remember, is only efficient under certain circumstances, particularly: transaction costs must be low and there must be few barriers to entry.
AirBnB et cetera lower the transaction costs and remove barriers to entry.
- oillio 14y agoEasy discovery of price information is also important to capitalistic markets. Of course, AirBnB helps there as well.