Source: Law & Liberty
by Walker Wright
“Even among those who largely approve of the free market system, it is often assumed that there are some bleak trade-offs. In exchange for economic efficiency, we allow for the loss of particular industries (such as manufacturing) and the job loss that this incurs. But perhaps more pressing, many worry about the fracturing of our social fabric and the deterioration of social capital. And it’s not hard to see how one might arrive at this conclusion. … But these assumptions, like many made about the market, are mistaken. And they are mistaken because they fundamentally misunderstand the nature of market competition.” (10/03/24)