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Free markets in their rawest form have a tendency to create market failures in the long run. This economic concept encompasses situations like monopolies and asymmetric information that can often stem from the most free environments. Power consolidation can be dangerous. (2/7)
A perfect competition can quickly devolve into a monopolistic market when one entity is allowed to exponentially grow while actively creating barriers to entry, exploiting consumers via price gouging, and generating negative externalities resulting in a welfare loss. (3/7)
Free markets result in more variety for the consumer. Lower prices. Ease of access. Symmetry of information. Free markets are a good thing - and thus, they must be protected at all costs from market failures. This a key role that the government plays in an economy. (4/7)
Look to the world's most prosperous nations, and you will find that businesses have few barriers. Innovation is ubiquitous. Pricing is competitive. Most importantly: governments step in momentarily to correct negative externalities and monopolies and walk away right after. (5/7)
Free markets are not black or white. They are not incompatible with regulation. Correcting market failures allows a free market to truly prosper, ushering in all of its splendour for decades. This is how great countries are born. Singapore is a good case study to look to. (6/7)
I think there are takeaways for decentralized markets here too. Protect genuine investors from vultures who perpetuate information asymmetry. Encourage innovation and the natural price signalling mechanism. DeFi can and will flourish - if we allow the space to detoxify. (7/7)
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