Free Markets

In a recent comment, Meet wrote:

I really liked how you found the market to be a key factor for welfare in the setup of the current world. My question is whether free markets did exist at some point of time? And as rather free (different degrees of free) markets exist, should regulation (an apparent contradiction to free markets) be required to protect the participants from manipulation or loopholes in the system?

Markets are where exchanges take place. Free markets are where there are no barriers to entry for buyers and sellers, and there are no exit barriers either. One can easily imagine that free markets do exist somewhere in somethings, and that these have a long history going back to thousands of years. Continue reading “Free Markets”