Bite Size Economics No. 3 (repost)
'markets are never free'
The idea that in some ideal world markets can be free misunderstands how markets work; they are dependent on property & contract laws shaped by the state (or in earlier times the local political authority).
Historically markets have operated without formal laws, but even then community trust & local authority set the norms for market interactions.
All markets are regulated the issue is how & by whom?
#BiteSizeEconomics #markets
Emeritus Prof. Christopher May
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2026-06-04 05:59:00 UTC
in reply to nevent1q…gk4r
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2026-06-04 05:59:00 UTCEvent JSON
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"content": "Bite Size Economics No. 3 (repost)\n\n'markets are never free'\n\nThe idea that in some ideal world markets can be free misunderstands how markets work; they are dependent on property \u0026 contract laws shaped by the state (or in earlier times the local political authority).\n\nHistorically markets have operated without formal laws, but even then community trust \u0026 local authority set the norms for market interactions.\n\nAll markets are regulated the issue is how \u0026 by whom?\n\n#BiteSizeEconomics #markets",
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