Markets.

[Torus34]

Time and again on this and other forums, the phrase 'free market' pops up. That markets have political implications goes as a 'given'. This thread has been started to, hopefully, explore the concept of a 'market' in detail.

In those societies in which markets exist, they are often made part of the panoply of institutions which, hopefully, serve to increase the 'good' of the society. A useful example of a market, or marketplace, if you please, is one of the commodity markets which can be found in the United States of America. In such a market, commodity goods -- corn, wheat, soy beans -- are available for purchase. The price for the individual commodity is set by the need for it in the society. If the supply of the commodity increases or the need for it decreases, the price per unit decreases. The reverse also holds.

When we get into markets other than those of commodities, though, the reaction of the market to forces external to it become more complex. It is our understanding of these factors and the ensuing complex interactions which can enable us to develop useful opinions of the actions which can be taken politically to affect the operation of a specific market.

That's enough for a start. Please feel free to chime in.

Regards, stay safe 'n well.

 

[Torus34]

An example of the nuanced complexity of a market is the labor market. It is sometimes treated in the same manner as a commodity market, but it isn't. If you hold, say, copper in a commodity market, you have the option to withhold it waiting for a better price. The copper does not decrease in quantity nor degrade. If, on the other hand, a laborer withholds his labor, his total lifetime amount of labor decreases. Labor, therefore, is not a identical to an inert commodity. A labor market it 'stacked' in that sense, against withholding labor.

Regards, stay safe 'n well.