The new economics - Post 1

"Free" markets don't exist and are impossible to implement universally.

"Fair" markets don't exist and are impossible to implement universally.

In both cases success of any player immediately unbalances the market unless the player as buyer is equally rewarded as the player as seller in that they both achieve an optimum objective of present value in the transaction. One major problem is that all future assignable costs incurred by the total process of bringing goods and services to market and selling and buying and then consuming them, are NOT covered by the sale/purchase transaction. Note: We do not transfer the liability of future costs as easily as we transfer the potential for future profits when we transfer "ownership". These externalities—such as secondhand smoke from cigarettes—create imbalances in markets. There are others, but beyond the purposes of this comment which is to simply point out that "free" and "fair" markets cannot exist universally.

We need to implement "rational" markets. These are markets that monitor and regulate transactions and their processes before, during, and after the actual "transfer" of ownership by the simple physician's dictum, "First, do no harm."

I will discuss the concept of a rational market in terms of a "fair" market underlying or forming the level playing-field/foundation for a "free" market to operate with minimum impediments to market forces. Raise the foundation for all, with access to the sky for those who can build strong structures least likely to fall over on us.