Markets emerge automatically where they are useful.
- Markets emerge automatically where they are useful.
- Markets are extremely expensive.
- They introduce a coordination cost, and competition is, from the point of view of the individual, extremely costly.
- But in some cases, the ability to get components that automatically get better is worth it.
- A competitive market pushes quality up and cost down.
- It's a brutal, bruising fight for the competitors, but everyone else benefits.
- Markets need an ability to specify what the user needs and be able to distinguish quality.