Equal Opportunity and Privilege: We Definitely Need More Market

Abstract

There is broad consensus in economics that free competition drives economic growth and allows an efficient allocation of resources in the economy. That is why most of us economists dislike monopolies and favor free markets. There are also economists and non-economists who believe the opposite, holding that a market economy generates only inequality, poverty, and wealth for a few, which is why more protections and regulations are needed to shield us from the market. Continue reading...