Source: Adam Smith Institute
by Tim Worstall
“One meaning of the free part of free markets is that the market is free to enter. Anyone, with whatever idea, is free to set up shop and try it out. This is what is being misunderstood here: ‘In a move nobody outside of boardrooms asked for, Target has become the first fashion retailer in Australia to make its products available to order via the Uber Eats app as of September. …’ Technology changes over time. There is always some new set of possibilities among the things that can be done therefore. We don’t know whether people would like those new things done. The only way we’ve got of finding out is to do the new thing then see. No, just asking people doesn’t work, there’s always a difference between expressed and revealed preferences. This is, in the jargon, the function of the entrepreneur.” (10/21/26)
https://www.adamsmith.org/blog/misunderstanding-the-free-part-of-free-markets