http://www.smh.com.au/opinion/no-such-thing-as-a-free-market-20090908-fg2o.html
Summary:
In summary of the article, it was about the government’s slack in regulating all markets. The government’s irresponsibility led to a history of a global financial crisis and created fallible business people who we can no longer trust. Unreliable business will continue if the government doesn’t start enforcing their regulation upon all these markets. All in all, “there is no such thing as a free market” because “all markets are regulated by governments to a greater or lesser extent”. But it may have only seemed like a free market because the government hasn’t been adequately policing in the first place.
Connections:
A connection between the article and text was opportunity cost because while the government was putting and giving their attention and time to things (like the environment maybe) other than business markets, they gave up the time to regulate and enforce their laws. This gave the impression for all markets to have freedom and do what they wanted with little or no “supervision” at all in what they were doing, either right or wrong per se. So the cost of giving up the government’s time to certain markets and to maximize regulations, was a higher population of fallible people and a global financial crisis in history nonetheless.
Reflection:
I personally think that the government does need to take more action into enforcing their laws and to actually practice them because it’s not fair to the consumers of the business. Although, sometimes or most of the time life may not be fair it would still be nice if the businesses we were buying from, were somewhat more ethical than they are now. But even if it didn’t have to be fair to consumers or anyone else for that matter at least the government should be maximizing regulations because what’s the point in having a law if there’s no use to it in the first place?
