Re:Visa, Mastercard $30B swipe fee settlement rejected by US...
by the_duke on Wednesday June 26, 2024 @04:37AM
(#40797732)
Even the most pro free market economic theories have the core assumption that the free market only leads to efficient pricing under a set of core assumptions.
These include low barriers to entry, strong competition, perfect elasticity on both the consumer and producer side, and no mono/duo/oligopolies that prevent those from working correctly.
This is a classic oligopoly where the free market does in fact not work to find the "natural" price.
How is this not market forces? Europe is using anti-market forces regulations to artificially lower the price, while the US is letting the market (ignoring some monopoly and collusions arguments of course) find the 'natural' price of a product. "Market price" doesn't necessarily mean lower price.