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by whatshisface
1990 days ago
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I think the source of the confusion here is a massive positive esteem laid on the two words "free market," which confuse people into thinking that anything good has to be labeled a free market. Labeling a system that requires government intervention a "free-market" mechanism is, just like in your example, just as much of a misuse of language as labeling quantum mechanics a Newtonian mechanism. Minimum wages, antitrust action, taxes, bans, sanctions, and subsidies are all examples of interventions in free markets, and they can be good or bad, just like the features of the state of nature (a free market) can be good and bad in different situations. I'm really against this idea of redefining the baseline so that whatever policy choices we like are defined as the absence of subsidies and the presence of a free market. Subsidies are when the government intervenes to give money to those who trade in certain goods. Intervention is defined as doing anything other than letting people sort it out for themselves. Likewise, a free market is not one where everything we don't like is banned, it is a market where there are no constraints on the participants' process of trade and price determination. |
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Might sound paradoxical at first, but what would you get without enforcement?