alt Hacker NewsMy understanding of the definition of a "free" market is it would have almost no external regulation.
However, a "unregulated free market" is nearly impossible--somw player will eventually drive out competition to maximize profits and some will not be troubled at harming or killing their customers in the name of immediate profit (tobacco, sugared drinks, talc powder, and round-up come to mind immediately but the list is very long).
Is market with enough regulations to ensure competitiveness and transaction transparency (including long-term consequences) truly "free"?
Replies
GTP • yesterday at 11:01 PM
Indeed, the market shouldn't be, and is not, entirely free. We should strive for the right balance between freedom and regulation.
It comes down to what’s “free”: most people want that to mean freedom of choice for buyers but sellers want that to mean freedom from restrictions. Trying to balance the two depends critically on regulation because it’s too easy for larger players to reduce the choices for everyone else.