In: Economics
In your own words describe or define (250 words) Free Market Economics: Uber, Airbnb, & Feastly vs Government Regulation - Learn Liberty and The benefits and costs of US environmental laws
Free market economics - Uber, Airbnb & Feastly vs Government regulation- Learn Liberty and the benefits and costs of US Environmental Laws
Free market economy refers to such an economic system where all the factors like investment, production and distribution are influenced by the laws of supply and demand only and the government regulations in such economies would be the least. Uber, Airbnb and Feastly are among such firms that sprang out with the advent of free market mechanisms all over the globe. The major feature of such business are that they do not require specific investment costs for infrastructure as they can operate with minimlal infrastructural establishments. Uber has focus on travel and eatables whereas airbnb focus on travel alone and Feastly focus on eatables alone.
As far as the US economy is concerned, statistics shows that the environmental benefits have always been dominant over the costs, the reason being the dominant free market features. With dominant free market features, the government regulation has been lesser which has reduced the costs of environmental laws to be lesser. Moreover, the laws have been constructed so as to suite the exixting marketing mechanism. But ths dominance kf free market firms like Uber, Airbnd would mean that the environment would be affected badly. Since the private participation is dominant in the US economy, it has been beneficial to the fiscal authorities in reducing the costs over the sustainability of the environment.