Econ 101 — because some people need constant reminding of the difference between so-called free markets and genuinely competitive markets.
Mark Thoma reminds that government institutions and supervision are required for competitive markets. Markets "free" of government "intrusion" are not likely to be competitive, and imperfect competition constitutes market failure, e.g., rent extraction based artificial market power.
The Fiscal Times | Opinion
The Problem with Completely Free Markets
Mark Thoma | Professor of Economics, University of Oregon
The Fiscal Times | Opinion
The Problem with Completely Free Markets
Mark Thoma | Professor of Economics, University of Oregon
2 comments:
WTF? "The Fiscal Times." Who calls their newspaper that?
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