There Is No Such Thing as A ‘Free Market’.

I.B. Economics. Anyone studying economics, no matter how briefly, will soon come across the phrase, the ‘ free market’. We also talk about ‘ free marketeers’, who are economists who believe that the less the government ‘ interferes’¬† in markets the better. They tend to argue that when the government steps into markets and introduces, for example, a minimum wage or a price ceiling, then this results in a restriction on the ‘freedom of choice’ of the players in the market, and also causes a loss of efficiency in the market. One of the main themes of the IB Economics¬† … Continue reading There Is No Such Thing as A ‘Free Market’.