Free market
From Libertarian Wiki
(Redirected from Free markets)
The free market is a system by which scarce resources are allocated through defined property rights and voluntary transactions. Centrally-planned methods for the allocation of resources are prone to failure because they are unable to take advantage of distributed information. Markets solve this knowledge problem by enabling individuals to act on what information they have and by providing incentives to acquire further information. Information about changing market conditions spread by way of price signals.
