The Mysterious Parking Garage Market
Tea party activists and Randians and market fundamentalist miss some things about the real world. One is the distinction between free markets and competitive markets. Free markets are for one-off deals with buyers and sellers who don’t know each other, have equal power in the market, will not see each other again, and don’t convey any information about the transaction to the rest of the market. One-off deals are the métier for people like our current dear leader. Except for the equal power in the marketplace bit.