Economic Liberty and Consumer Sovereignty

Read more on this subject: Economic Theory
News Story Source:, by Jacob G. Hornberger
As the Declaration of Independence points out, it is the purpose of government to protect, not infringe, the exercise of fundamental rights, including life, liberty, and the pursuit of happiness.

Economic liberty, however, does not guarantee that people who chose a certain occupation are going to be successful. That's because in a genuinely free society, it is the consumer, not the state, who decides who is going to be successful and who isn't. If a supplier of goods or services satisfies consumers by providing products that they like and are willing to pay for, that supplier will stay in business and prosper. If a supplier fails to satisfy consumers, he will lose sales and possibly even go out of business.

Consumers, generally speaking, are fickle and ruthless. Even though they have done business with a particular company for many years, if someone else comes along offering a better product at a lower price, most of therm won't hesitate to shift their buying to the n
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