Good article--I loved how she scare quoted free market. I just learned recently that free market can only work if all parties have "perfect knowledge" of the market. Perfect knowledge enables the buyer to know exactly how much an item costs to manufacture, the lowest price in the market, and whether or not the item's price is being gouged or not. If you don't have perfect knowledge, you don't have a free market.
1 comment:
Good article--I loved how she scare quoted free market. I just learned recently that free market can only work if all parties have "perfect knowledge" of the market. Perfect knowledge enables the buyer to know exactly how much an item costs to manufacture, the lowest price in the market, and whether or not the item's price is being gouged or not. If you don't have perfect knowledge, you don't have a free market.
Post a Comment