Consumers, Workers, and Monopolies: Free Markets Serve All
Before beginning, I am highly grateful and impressed by the success and spread of my previous work “Consumers, Workers, and Monopolies: Free Markets Serves All.” The article aimed to give a brief explanation of the importance of consumers in Markets and it will be continued further.
The market can be controlled either by consumers or the government. Any one of them getting greater power will reduce the power and freedom of others. The reason behind government getting more support and consumers being completely neglected is due to a fantasy called “equality.” In economics, understanding the market is very important that brings great significance to the role of consumers.
No mathematics or statistics can tell about consumers’ change in preferences and their source of satisfaction. The consumer himself can deal with his/her choices and hence manage their budget constraint accordingly. Mises was a critique of socialism and he disliked the fact that the consumers who pay their hard-earned money for scarce resources are completely ignored. According to Mises, no entrepreneurs, no farmers, and not even the capitalist decides what has to be produced, it is the consumers who do that.
Consumers and Workers
There’s a wide belief of some certain ideologists to consider themselves to be “moral” when their system failed to work in history. But how is it fair that the one spending money has to sacrifice their goods and services for someone who is charging for their work? Not giving freedom and choices to consumers in the market takes away their sovereignty and gives it to people at the top with power.
Without the profit motive, consumer sovereignty isn’t possible, that’s the complexity of markets which many don’t seem to understand. The entrepreneurs or businesses are going to produce as per consumers’ preference which they got to know through sig
Article from Mises Wire