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Comment by brigandish | Hacker News Reader

> post-fact invented laws

Adam Smith's The Wealth of Nations was published in 1776. I suppose you could say that was "post-fact" as it drew on what was happening at the beginning of the Industrial Revolution and the English and Scottish agricultural revolutions among other things, but "invented" would seem a bit of a stretch.

> The law that "in a free market, the best product wins" has been beaten by profit-driven companies with billions at their disposal.

Of course, given that law then the other possibility you appear to have dismissed is that the market is not free.

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I must admit I don't know much about economics. I do get tired of people dismissing arguments with free market 101s - the world seems much more complex than that, and the big capitalists have become specialists at exploiting the market for their gains.

But then I'll day: maybe these guidelines are outdated, 250 years later. For example, does the best product win? Not if the product is complex enough and people cannot quickly measure its quality. There's 10$ crap and 100$ crap, and fake reviews, and paid reviews, and swapped products, and misleading marketing.

What's the best product? A good product will be generally be one that is:

- available

- at a price that the producer makes a profit

- at a price that the buyer can afford

- and does the job

Many such products may exist in a market, some "better" than others but that would be a subjective opinion. The problem with a non-free market e.g. one with monopolies or interference from governments in the form of subsidies, is that it interferes with the above list and you end up with inferior products (in terms of the above list) to those you would've had in a free market. Even the "producer makes a profit" part would be worse because there are less producers making profits, and thus fewer products, higher prices for those products remaining et cetera.

Advertising is not a bad thing in a free market. Fake reviews and the rest are, but they lead to less trust, as we see occur with Amazon, and you would go to a more trusted competitor but Amazon is a monopoly so…

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