Who should have the authority to set prices, the free market or the state? Why? according to the Dictionary, the free market is “an economic system in which prices are determined by unrestricted competition between privately owned businesses.” The state is “a nation or territory considered as an organized political community under one government.”
The prices of products are determined by supply and demand, buyers against buyers, sellers against sellers. Sellers compete against each other to have better prices and products. Buyers compete against each other to get the better products and prices. However important an object determines its price.
Who should have the authority to set prices, the free market or the state? I believe that the free market should have the authority to set prices. The free market should choose the prices because they’re the ones selling the products. If the state controlled the prices of things, then all stores would have to sell the same thing for the same price. After a while the could cause the economy to fall apart. If people create they’re own prices then that will create competition. Without competition the businesses won’t have any reason to improve even though they should. This causes the economy to more likely become worse than better. So far the free market is doing well without state prices, but they still have government regulations. Some do not, but most do.