With markets I see it similarly as with democracy; it's the best of all the bad options we have. Given the challenges ahead (demographic crisis, climate crisis, environmental crisis) we must have a dynamic and flexible system to accommodate the to be expected strains, if we want to continue existing as a global civilization.
But markets also have flaws, such as externalization of costs and oligopolies that skew the market through their influence.
We've seen this with Google, that has started as a brilliant search engine, providing a valuable service. Nowadays it attempts to make more and more money through rent taking instead. Instead of creating value, these oligopolies capture value, sometimes even through illegal means (see; no-poaching agreements).
With markets I see it similarly as with democracy; it's the best of all the bad options we have. Given the challenges ahead (demographic crisis, climate crisis, environmental crisis) we must have a dynamic and flexible system to accommodate the to be expected strains, if we want to continue existing as a global civilization.
But markets also have flaws, such as externalization of costs and oligopolies that skew the market through their influence.
We've seen this with Google, that has started as a brilliant search engine, providing a valuable service. Nowadays it attempts to make more and more money through rent taking instead. Instead of creating value, these oligopolies capture value, sometimes even through illegal means (see; no-poaching agreements).