What free markets are all about
Thursday 2 August 2007If you're a first time visitor, you may want to subscribe to our RSS feed, which will keep you up to date with all the latest New School Politics posts. Thanks for visiting!
In a recent article Walter Williams gives a working definition, as well as some elaboration, of free markets:
Free markets are simply millions upon millions of individual decision-makers, engaged in peaceable, voluntary exchange pursuing what they see in their best interests. People who denounce the free market and voluntary exchange, and are for control and coercion, believe they have more intelligence and superior wisdom to the masses. What’s more, they believe they’ve been ordained to forcibly impose that wisdom on the rest of us. Of course, they have what they consider good reasons for doing so, but every tyrant that has ever existed has had what he believed were good reasons for restricting the liberty of others.
I disagree with one point: a free market need not be of “millions and millions”, in any case that there exists more than one there is a market. (A great example of a free market I think would be elementry school kids bartering different foods at lunch without being encumbered by teachers or administrators, and that certainly does not consist of millions).
Everything else Williams says is also very true, but it is something that so many who are against a completely free market will not admit. Simply, if you believe in a particular way that the government should intervene in the economy (price controls, regulations, etc.) then you believe that you (or the government) can make decisions for all people better than every individual can make as the choice pertains to them.
Lets see if what I have to say holds up…comments anyone?!
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