In economics, a free market is a system in which the prices for goods and services are self-regulated by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority and from all forms of economic privilege and artificial scarcities. Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods such as tariffs used to restrict trade and to protect the local economy. In an idealized free-market economy, prices for goods and services are set by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those forces to operate to control productive output and distribution.
Although free markets are associated with capitalism within a market economy in contemporary usage and popular culture, free markets have been advocated by anarchists and some proponents of cooperatives and advocates of profit sharing. Criticism of the theoretical concept may regard systems with significant market power, inequality of bargaining power, or information asymmetry as less than free, with regulation being necessary to control those imbalances in order to allow markets to function more efficiently as well as produce more desirable social outcomes; the Heritage Foundation, a conservative and right-wing think tank based in Washington, D. C. that defines capitalism as the free market, free from state intervention and government regulation, tried to identify the key factors necessary to measure the degree of freedom of economy of a particular country. In 1986, they introduced the Index of Economic Freedom, based on some fifty variables. While this and other similar indices do not define a free market, The Heritage Foundation measures the degree to which a modern economy is free.
The variables are divided into the following major groups: Trade policy Fiscal burden of government Government intervention in the economy Monetary policy Capital flows and foreign investment Banking and finance Wages and prices Property rights Regulation Informal market activityAccording to The Heritage Foundation, these free market principles are what helped the United States transition to a free-market economy. International free trade improved the country and in order for Americans to prosper from a strong economy they had no choice but to embrace it; each group is assigned a numerical value between 1 and 5 as the index is the arithmetical mean of the values, rounded to the nearest hundredth. Countries which were traditionally considered capitalistic received high ratings, but the method improved over time; some economists such as Milton Friedman and other laissez-faire economists have argued that there is a direct relationship between economic growth and economic freedom and some studies suggest this is true.
Ongoing debates exist among scholars regarding methodological issues in empirical studies of the connection between economic freedom and economic growth. These debates and studies continue to explore; the Free Market Monument Foundation defines the principles of a free market as such: Individual rights: "We are each created with equal individual rights to control and to defend our life and property and to voluntary contractual exchange." Limited government: "Governments are instituted only to secure individual rights, deriving their just powers from the consent of the governed." Equal justice under law: "Government must treat everyone equally. Subsidiarity: "Government authority must reside at the lowest feasible level." Spontaneous order: "When individual rights are respected, unregulated competition will maximize economic benefit for society by providing the most goods and services possible at the lowest cost." Property rights: "Private ownership is the most efficient way to sustainably utilize resources."
Golden rule: "Deal with others and require honesty in return." For classical economists such as Adam Smith, the term free market does not refer to a market free from government interference, but rather free from all forms of economic privilege and artificial scarcities. This implies that economic rents, i.e. profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition. Economic theory suggests the returns to land and other natural resources are economic rents that cannot be reduced in such a way because of their perfect inelastic supply; some economic thinkers emphasize the need to share those rents as an essential requirement for a well functioning market. It is suggested this would both eliminate the need for regular taxes that have a negative effect on trade as well as release land and resources that are speculated upon or monopolised. Two features that improve the competition and free market mechanisms. Winston Churchill supported this view by the following statement: "Land is the mother of all monopoly".
The American economist and social philosopher Henry George, the most famous proponent of this thesis, wanted to accomplish this through a high land value tax that replaces all other taxes. Followers of his ideas are called Georgists or geoists and geolibertarians. Léon Walras, one of the
Loganair is a regional airline based at Glasgow Airport near Paisley, Scotland, UK. In addition to its main base at Glasgow, the airline has hubs at Edinburgh, Dundee and Norwich airports; the company holds a United Kingdom Civil Aviation Authority Type A Operating Licence. It is permitted to carry passengers and mail on aircraft with 20 or more seats. Loganair was established on 1 February 1962 by Willie Logan of the Logan Construction Company Ltd, operating as its air charter arm with a Piper PA-23 Aztec based at Edinburgh. In 1967 Loganair took delivery of three Britten-Norman Islander twin-engine eight-seat light commuter airliners and began regular flights between the Orkney Islands, started operating in Shetland in 1970. In 1966, after Renfrew Airport closed, the airline established its head office at Glasgow Airport; this aspect of Loganair's operations ceased on 31 March 2006 when the new contract for air ambulance work was awarded to Gama Aviation. Between 1968 and 1983 the company was owned by the Royal Bank of Scotland, Towards the end of this period, Loganair bought Short 360 and Fokker F27 Friendship aircraft.
The company brought jet aircraft into the fleet with two British Aerospace 146s. In December 1983 it became a subsidiary of the Airlines of Britain Group. Further aircraft were added to the fleet: British Aerospace Jetstream 31, British Aerospace Jetstream 41, British Aerospace ATP aircraft. In the late 1980s Loganair was the fastest growing scheduled operator at Manchester Airport, and, in terms of number of flights, was the airport's second busiest carrier. In 1993 the airline became a franchisee of British Airways, operating its Islanders in the British Airways livery; this would stand until July 2008. After a restructure of British Midland Group in 1994, Loganair's routes outside Scotland and the aircraft used operate them were transferred to Manx Airlines; this consolidation of services led to the formation of British Regional Airline. In 1997, with Loganair now consisting of six aircraft and 44 staff, a management buy-out occurred. In June 2005, Loganair was awarded a contract from the Irish Government to operate a daily return service from Knock, County Mayo to Dublin.
This public service obligation route operated for a period of three years as British Airways, with effect from 22 July 2005. The operation ceased in July 2008; the airline bought routes from Citiexpress in March 2004. Until October 2008 Loganair was a British Airways franchisee, operating flights sold through BA using BA flight codes. Loganair's inter-island operations between the Orkney and Shetland Islands carried out using Britten-Norman Islanders was removed from the franchise agreement in 2004; the flights have since been marketed under Loganair's own name, rather than British Airways'. Loganair became a franchise airline of Flybe. Flights are operated under a codeshare agreement with British Airways connecting flights from Scotland to London; the franchise has been criticised by residents in the Scottish islands for what they perceive to be excessively high fares, a Facebook campaign set up in June 2015 to highlight the issue attracted over 7400 "likes" over the course of its first weekend.
On 8 July 2011, it was announced. ScotAirways continued to trade as a separate entity and holding its own licences and approvals until April 2013. Services to Belfast and to Birmingham from Dundee ended on 2 December 2012. After CityJet had terminated its services between Dundee and London City Airport in January 2014, Loganair took over the route, operating from Dundee to London Stansted Airport, with the support of a PSO agreement. In May 2015 two Viking Air DHC-6-400 Twin Otter aircraft were acquired by Highlands and Islands Airports to be operated by Loganair on the Scottish Government's Public Service Obligation routes between Glasgow and Campbeltown and Barra. In August 2015 the airline became part of a new regional airline group, Airline Investments Limited, along with East Midlands-based airline bmi regional. On 21 November 2016, Flybe and Loganair announced that their franchise agreement would terminate on 31 August 2017. Despite headlines, it is unclear. Loganair relaunched its website without renewed interline agreements with Flybe or Aer Lingus.
In April 2017, pending the termination of the Flybe franchise agreement, Loganair unveiled its new independent corporate livery on Saab 340B Freighter G-LGNN. From 1 September the airline began operating "in its own right" for the first time in 24 years. Loganair signed a codeshare agreement with British Airways, effective from 1 September 2017, allowing passengers to book through flights onto BA's global network. In February 2019, following Flybmi's cessation of operations, Loganair announced that it was to take over Flybmi's routes from Aberdeen to Bristol and Esbjerg, from Newcastle to Stavanger and Brussels, from City of Derry Airport to London-Stansted; as of September 2019, Loganair serves 44 destinations in the United Kingdom, Channel Islands, the Isle of Man, the Republic of Ireland and Europe. Part of Loganair's operations includes the world's shortest scheduled commercial route, between Westray Airport and Papa Westray Airport, a distance of 1.7 miles, the use of Barra Airport, the only airport in the world to use a beach as a runway.
Loganair has codeshare agreements with the following airlines: British Airways Flybe Loganair
Quercus oglethorpensis is a species of plant in the beech family. It is endemic to the United States, it is named for Oglethorpe County, where it was first discovered. The county, in turn, is named for founder of Georgia Colony in the 18th century. Quercus oglethorpensis is a tree growing to 25 meters in height, with a diameter at breast height of about 80 cm. Bark is pale gray. Leaves are narrowly elliptical, up to 15 cm long flat rather than cupped with no lobes. Quercus oglethorpensis is endemic to the southeastern United States, found only in the Piedmont of Georgia and South Carolina, in Alabama and Mississippi; this species is affected by chestnut blight. Patrick. "Quercus oglethorpensis Duncan". Protected Plants of Georgia. Georgia Department of Natural Resources. Retrieved 9 October 2010. "PLANTS Profile for Quercus oglethorpensis". USDA PLANTS database. Retrieved 23 April 2010