“Free Market Solutions to Societal Problems”

Thoughts on a Free Market Economy…
“Free Market Solutions to Societal Problems”
By Phyllis Hunsinger
November 1, 2017

Free markets are defined as a market economy based on supply and demand with little or no government control. America has prospered because free markets and the power of competition enabled growth. Why, then, if free markets have been so beneficial to the health and wealth of America, does the government continue to intrude by regulating almost every single aspect of life?

Part of the dilemma lies in the fact that when society faces a particularly challenging problem, government officials are asked to fix the problem, despite the poor track-record of the government to even manage its own business…like the deficit and balancing the budget, or even having a budget. Since government is comprised of individuals elected by the people or hired by the elected individuals, the collective we call government is absolutely no smarter than the average citizen of America. Although the government decision making is rarely any more astute than the private citizen, the government has the power to make laws and tell people what to do. This fact alone should give citizens pause.

Following the housing collapse in 2008, a clamor for more strict banking regulations was heard in Washington, D.C.; however, now that all of the facts have been uncovered, it has been shown that government policies created the systemic problem that devastated the economy in the first place. Since 2011, the government has become the market place for health care, yet fewer people have health care now than before because the forced coverage was too expensive for many citizens. Competitive markets force companies to act more efficiently and give greater value.

LASIK surgery, a marketplace medical procedure that dramatically improves the correction of vision, has become more affordable because practitioners compete for customers for this elective surgery. This is a classic example of how private choice and public pricing can create efficiencies in the market. Consider Uber, Lyft, and Airbnb. These enterprises presented fresh ideas in previously regulated monopolies, giving their employees flexibility, decent pay, and delivering a product in a more convenient and often less expensive way.

For a thorough examination of how “motivated individuals acting voluntarily in the market place of ideas can succeed in ways the government cannot,” read a refreshing, thought-provoking book by Laura Carno entitled, “Government Ruins Nearly Everything.” In this book Laura describes how free market solutions can be found to solve societal problems.

https://www.free-dom.co.us, Phyllis Hunsinger © 2013 All Rights Reserved

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