andrewducker: (Default)
[personal profile] andrewducker

Date: 2018-02-05 12:25 pm (UTC)
danieldwilliam: (Default)
From: [personal profile] danieldwilliam
Aye, the converation can easily descend to a Market Good vs Market Bad position. Which is unhelpful. It also misses a problem that many of the problems with "the market" are problems with regulatory capture by oligopolist firms. Also, that there are different forms of competition outside of a strictly market structure.

Generally I favour free-ish markets for goods and services which have a short life-cycle, a more heavily regulated market for goods and services which have longer life-cycles and where defects are not readily apparant and some sort of collective ownership where the goods and services have profound knock-on effects, are natural monopolies and have long-term product life-cycles.

So, free markets for shoes, wine and air-travel, more regulated markets for advertising, pensions and pharmaceuticals and probably state control for the underpinnings of energy systems.

Date: 2018-02-12 12:48 pm (UTC)
danieldwilliam: (Default)
From: [personal profile] danieldwilliam
For "free markets" here I am implicitely assuming such general and ordinary regulations as might be considered uncontroversial in a well run market ranging from a common system of weights and measures through effective legal remedies for breach of contract, proper health and safety and product safety protocols and so on.

The idea of a perfectly free market outside of a context of a foundation of operating rules is, to my mind, unworkable.

But it does all get a bit murky and at the margins is probably a political decision - that we decide to exchange more or fewer people being ripped off for lower regulatory compliance costs, or a less regulated market for a more innovative one - sort of thing.

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