Resilient markets

The “free market” is a bit of a myth. Other than some board games, it doesn’t exist in real life.

We eagerly regulate things like dangerous goods, fraud, insider trading, the warranty of merchantability, trademarks, dumping poison in the water supply, selling heroin to kids, etc.

All of these boundaries are designed to create more resilient markets. Markets that serve newcomers as well as insiders. Markets that eventually serve the culture.

We’re not very good at it, but trying is the only way forward. The right question isn’t, “how do we remove regulations?” It might be, “how do we make this more resilient over time?”