We have mixed emotions about markets. If you’re of one line of thinking, you praise markets. Another, you blame markets.
A market is simply a place (physical or virtual) to exchange stuff — apples for dollars, corn for hay, code for dollars, dollars for dollars, ideas for ideas, ownership for dollars, ownership for work, debt for dollars, etc. If you want to get something, you show up at a market. If you want to provide something, you show up at a market.
In any case, markets aren’t perfect. Like all systems, they have their advantages and drawbacks, but it’s not the market itself that is the problem or the solution.
It’s the incentives in and around the market. People create the incentives.
Follow the people. Follow the incentives.
