The best way to learn what customers want is to try to sell them something.
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The big thing advocates of central planning didn't get about market economies is that the flows of money in a market economy are also flows of information.
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There's also a core aspect in experimentation. Markets try hundreds of thousands of ideas out. Central planners often only take one approach.
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Great point.
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In order for this to work, the customers need to have a baseline amount of money to signal with.
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Nothing in history has raised the baseline amount of money people have like the free market.
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And more than that, they are flows of information backed by skin in the game.
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I would go so far as to say it seems a *requirement* today that lawmakers have *negative* knowledge of how markets function.
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You need to know To an extent, The nature of the beast You are riding
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And flows of information brings information assymetry, a great competitive advantage e.g. following you/YC = knowing that startups are a very rational choice = building a startup and « doing the impossible » to most people without that info
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All revenues and all cashflow originates with the consumer. Treat her with respect and listen to her! She is not there to buy what you have made, you must make what she wants.
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I'm not sure it even needs to be qualified: flows of money [in any type of economy] are flows of information.
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