I agree with a lot of what you said, specifically about competition. Competition has a sort of negative connotation to it because it is pitting two or more sides against one another. In economics though, competition is a positive thing that serves to benefit the consumer. Businesses compete with each other to win over the customer; they do this by improving their product and lowering their prices. Because the product is better AND cheaper, the consumer is much better off since that company had to compete to make any sales. If there was no competition and the first person that came to market was the only one that could sell in a specific industry, product quality would be low and prices would be high because they are in no danger of losing their customers, and in turn are not having to innovate to stay relevant. In a free market, not only do businesses have to compete with each other, but they have to compete with businesses that don’t even exist yet. At any time, an entrepreneur could come in and completely revolutionize the industry, making everyone else obsolete. To combat this, there is a constant diligence that is required and continuous innovation to ensure business safety. No matter what happens to these businesses, the consumer will benefit because the best product will rise to the top and it’s likely to be comparable in price to lesser options.
“How could a system we have all thrived under, not work? This is quite simply because we do not truly understand the economic system we live within”
I found this quote to be very thought provoking. While many of us do thrive under our current economic system, I think there is always room for improvement. We will never see a completely free market, but I think relaxation of some burdensome policies could allow for improvement. Individuals should be allowed to enter into a free exchange with whoever they see fit, regardless of where that person is in the world or what they are selling. I think laws that restrict free trade are harmful to the overall happiness of society and also come from a cynical viewpoint, as to say that we are not mature enough to handle ourselves in business. I think a lot of people are skeptical when it comes to deregulating anything and the conversation needs to change tone to make these people realize that a freer market could be a good thing.