this post was submitted on 10 Apr 2024
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There's no such thing as a free market unless you're talking about places like Somolia where there is no government.
That's an unregulated market. It's a bit counterintuitive, but an idealized free market would need to be free of price fixing and monopolization, and therefore requires regulation.
That's what all these invisible hand folk always get wrong.
I agree 😇 free market leads to one big monopoly which decides anything for anyone. Regulation is needed all the time, as we saw (and see) with Microsoft and now with Apple, Amazon, Google etc.
Unregulated market ≠ free market. That's what I just explained. If you'd like a better understanding I'd highly recommend auditing econ 101 online through MIT: https://youtu.be/_OkTw766oCs?si=twyynoEzf-bi5k3m
It's not a tough course, and it's probably one that everybody should take anyways, TBH.
Here is an alternative Piped link(s):
https://piped.video/_OkTw766oCs?si=twyynoEzf-bi5k3m
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I'm open-source; check me out at GitHub.
Free Market is to economics what The American Dream is to immigrants and citizens.
Reality inevitably shines a harsh light on both.