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by andrekandre
971 days ago
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> he says that a market is free if buyers and sellers can pursue their own self-interest
probably we are agreeing, but just to bring a little more clarity what is meant by "free market" in the adam smith context: > For classical economists such as Adam Smith, the term free market refers to a market free from all forms of economic privilege, monopolies and artificial scarcities.[2] They say this implies that economic rents, which they describe as profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition.
so i'd say sellers trying to create an artificial regional monopoly/oligopoly of sales and high prices is the exact opposite of what adam smith would have preferred...https://en.wikipedia.org/wiki/Free_market#Georgism |
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