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>You cannot have efficient free markets without rules Wouldn't that be the most efficient free market? One in which only the most brutal and powerful ideas an

• rayiner 13y ago
  An efficient free market maximizes production. Markets in which companies can externalize costs or engage in monopoly behavior produce less than markets in which these behaviors are prevented. "Free market" is not synonymous with "anything goes." It's a specific economic (rather than ideological) concept. Most economists believe that certain rules and restrictions are necessary to have any functioning market at all.
  • dragonwriter 13y ago
    > An efficient free market maximizes production. The usual economic definition of efficiency would be maximizing utility experienced by market participants, not maximizing production. Currency-denominated "product" measurements are a common proxy measure for utility, but that's a compromise to the inability to measure utility directly.