--- title: "Meaning & Key Takeaway of: In a free market, businesses compete for…" description: "\"In a free market, businesses compete for customers by keeping prices down and for labor by keeping wages up.\" — Peter Schiff" image: "https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png" --- # In a free market, businesses compete for customers by… ![“In a free market, businesses compete for customers by keeping prices down and for labor by keeping wages up.” quote by Peter Schiff](https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png) [Download](https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png) [Open image](https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png) > “In a free market, businesses compete for customers by keeping prices down and for labor by keeping wages up.” [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. He claims that free markets lower prices for consumers while raising wages for workers, presenting an idealized view of capitalism. **In simple terms:** Free markets supposedly benefit both buyers and employees. Key Takeaway Question the reality of wage growth. Themes economics policy free market Mood skeptical analytical Type economic political When to use this quote - consumer behavior - policy analysis - market dynamics Key Concepts price competition labor economics Questions to Reflect On - Are wages truly rising for most workers? - What factors limit wage growth? A Different Perspective Wage stagnation often persists despite competition. ★ ★ ★ ★ ★ No ratings yet [Business](https://sms4smile.com/quotes/about/business/) [Free market](https://sms4smile.com/quotes/about/free-market/) [Investing](https://sms4smile.com/quotes/about/investing/) [Labor](https://sms4smile.com/quotes/about/labor/) [Market](https://sms4smile.com/quotes/about/market/) ## Related quotes > [“In an exchange economy everybody’s money income is somebody else’s cost. Every increase in hourly wages, unless or until compensated by an equal increase…](https://sms4smile.com/quotes/henry-hazlitt/in-an-exchange-economy-everybody-s-money-income-is-somebody-else-s/) [Henry Hazlitt](https://sms4smile.com/quotes/author/henry-hazlitt/) > [If you are trying to favor the unions by having more rigid labor market and keeping wages very high, you could be blocking people…](https://sms4smile.com/quotes/jose-angel-gurria/if-you-are-trying-to-favor-the-unions-by-having-more-rigid-labor/) [Jose Angel Gurria](https://sms4smile.com/quotes/author/jose-angel-gurria/) > [There is no way of keeping profits up but by keeping wages down…](https://sms4smile.com/quotes/david-ricardo/there-is-no-way-of-keeping-profits-up-but-by-keeping-wages-down/) [David Ricardo](https://sms4smile.com/quotes/author/david-ricardo/) > [“Too many businesses compete on price when they should be competing on value.”](https://sms4smile.com/quotes/john-morgan/too-many-businesses-compete-on-price-when-they-should-be-competing-on/) [John Morgan](https://sms4smile.com/quotes/author/john-morgan/) > [People generally think of technology simply as a spur to start new businesses. But the Internet has also made it possible for more businesses…](https://sms4smile.com/quotes/andrew-yang/people-generally-think-of-technology-simply-as-a-spur-to-start-new/) [Andrew Yang](https://sms4smile.com/quotes/author/andrew-yang/) > [To go all the way back, lawmakers passed the antitrust laws because they wanted to favor competition over consolidation, the basic idea being that…](https://sms4smile.com/quotes/lina-khan/to-go-all-the-way-back-lawmakers-passed-the-antitrust-laws-because/) [Lina Khan](https://sms4smile.com/quotes/author/lina-khan/) > [In Europe, we don't only take offence when one company is treating another company in a way that's illegal. We also look at if…](https://sms4smile.com/quotes/margrethe-vestager/in-europe-we-don-t-only-take-offence-when-one-company-is-treating/) [Margrethe Vestager](https://sms4smile.com/quotes/author/margrethe-vestager/) > [Haitian rice farmers are quite efficient, but they can't compete with U.S. agribusiness that relies on a huge government subsidy, thanks to Ronald Reagan's…](https://sms4smile.com/quotes/noam-chomsky/haitian-rice-farmers-are-quite-efficient-but-they-can-t-compete-with/) [Noam Chomsky](https://sms4smile.com/quotes/author/noam-chomsky/) > [Without a free man, there is no free market. That's called exploitation.](https://sms4smile.com/quotes/li-lu/without-a-free-man-there-is-no-free-market-that-s-called-exploitation/) [Li Lu](https://sms4smile.com/quotes/author/li-lu/) > [How do you expect people to actually join the military if, when they leave the military, they can't integrate back into the free market…](https://sms4smile.com/quotes/bobby-kotick/how-do-you-expect-people-to-actually-join-the-military-if-when-they/) [Bobby Kotick](https://sms4smile.com/quotes/author/bobby-kotick/) > [free market is a market in which groups and individuals are differently represented. Parity in prosperity and performance between differently able individuals and groups…](https://sms4smile.com/quotes/ilana-mercer/free-market-is-a-market-in-which-groups-and-individuals-are/) [Ilana Mercer](https://sms4smile.com/quotes/author/ilana-mercer/) > [If President Obama has his way, you won't recognize the government, the free market system, or, frankly, America as you once knew it. His…](https://sms4smile.com/quotes/bob-ehrlich/if-president-obama-has-his-way-you-won-t-recognize-the-government-the/) [Bob Ehrlich](https://sms4smile.com/quotes/author/bob-ehrlich/) > [The food system is not a free market. In this country, we impose reasonably high standards of animal welfare - but we haven't applied…](https://sms4smile.com/quotes/zac-goldsmith/the-food-system-is-not-a-free-market-in-this-country-we-impose/) [Zac Goldsmith](https://sms4smile.com/quotes/author/zac-goldsmith/) > [Everyone should be investing in our free market economy.](https://sms4smile.com/quotes/baiju-bhatt/everyone-should-be-investing-in-our-free-market-economy/) [Baiju Bhatt](https://sms4smile.com/quotes/author/baiju-bhatt/) > [Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too…](https://sms4smile.com/quotes/dave-brat/fannie-and-freddie-made-two-thirds-of-all-subprime-mortgages-that-is/) [Dave Brat](https://sms4smile.com/quotes/author/dave-brat/) ## More by Peter Schiff > [Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is…](https://sms4smile.com/quotes/peter-schiff/most-paper-money-initially-existed-as-a-substitute-for-gold-that-s/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Perhaps the most important reason to be skeptical of government inflation numbers is that the government, like a fox campaigning to guard a hen…](https://sms4smile.com/quotes/peter-schiff/perhaps-the-most-important-reason-to-be-skeptical-of-government/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency.…](https://sms4smile.com/quotes/peter-schiff/when-the-dollar-collapses-it-s-not-doing-it-in-a-vacuum-if-the-dollar/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Every time the market has corrected, since 2008, it's always been the Fed that's made the bottom. The Fed has always saved the market…](https://sms4smile.com/quotes/peter-schiff/every-time-the-market-has-corrected-since-2008-it-s-always-been-the/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [“Boom/bust cycles are not inevitable and would not occur were it not for the inflationary monetary policies that always precede recessions.”](https://sms4smile.com/quotes/peter-schiff/boom-bust-cycles-are-not-inevitable-and-would-not-occur-were-it-not/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [We had a very upwardly mobile economy, and that peaked around the 1950s when the typical middle-class American family consisted of a father with…](https://sms4smile.com/quotes/peter-schiff/we-had-a-very-upwardly-mobile-economy-and-that-peaked-around-the/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Printing money creates inflation, which weakens an economy. Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.](https://sms4smile.com/quotes/peter-schiff/printing-money-creates-inflation-which-weakens-an-economy/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [The fiat-based system has produced enormous global imbalances that are straining the global economy. Ultimately, I think the whole thing gives way and what…](https://sms4smile.com/quotes/peter-schiff/the-fiat-based-system-has-produced-enormous-global-imbalances-that/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do…](https://sms4smile.com/quotes/peter-schiff/central-banks-are-choosing-to-increase-their-gold-holdings-as-a/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Once the government runs out of foreign and private sector bidders for new Treasurys, the Federal Reserve will be the only buyer, and the…](https://sms4smile.com/quotes/peter-schiff/once-the-government-runs-out-of-foreign-and-private-sector-bidders/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [The real bubble in China is in US Treasuries, in US dollars.](https://sms4smile.com/quotes/peter-schiff/the-real-bubble-in-china-is-in-us-treasuries-in-us-dollars/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It…](https://sms4smile.com/quotes/peter-schiff/my-mother-always-taught-me-that-two-wrongs-don-t-make-a-right-we/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [The one place that bitcoins seem to be used as money is in crime.](https://sms4smile.com/quotes/peter-schiff/the-one-place-that-bitcoins-seem-to-be-used-as-money-is-in-crime/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Gold has worked for thousands of years, but now with the Internet, it works even better.](https://sms4smile.com/quotes/peter-schiff/gold-has-worked-for-thousands-of-years-but-now-with-the-internet-it/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [Most governments, not all of them, but most, certainly don't want their citizens using gold. They want them in the currency that they are…](https://sms4smile.com/quotes/peter-schiff/most-governments-not-all-of-them-but-most-certainly-don-t-want-their/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) [Explore all 84 Peter Schiff quotes ](https://sms4smile.com/quotes/author/peter-schiff/) ## More Business quotes > [Companies with cultures that celebrate diverse opinions and encourage the exchange of ideas have an advantage when solving difficult problems. A company that doesn't…](https://sms4smile.com/quotes/doug-mcmillon/companies-with-cultures-that-celebrate-diverse-opinions-and-encourage/) [Doug McMillon](https://sms4smile.com/quotes/author/doug-mcmillon/) > [You can laugh at me, but I understand show business.](https://sms4smile.com/quotes/ksenia-sobchak/you-can-laugh-at-me-but-i-understand-show-business/) [Ksenia Sobchak](https://sms4smile.com/quotes/author/ksenia-sobchak/) > [“Start a business, not a startup”](https://sms4smile.com/quotes/anonymous/start-a-business-not-a-startup/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“Take some books and read; that’s an immense help; and books are always good company if you have the right sort.”](https://sms4smile.com/quotes/louisa-may-alcott/take-some-books-and-read-that-s-an-immense-help-and-books-are-always/) [Louisa May Alcott](https://sms4smile.com/quotes/author/louisa-may-alcott/) > [I'm a business first and foremost so whatever my business is, it's separate from my personal. It's like whatever I do business wise, it's…](https://sms4smile.com/quotes/snoop-dogg/i-m-a-business-first-and-foremost-so-whatever-my-business-is-it-s/) [Snoop Dogg](https://sms4smile.com/quotes/author/snoop-dogg/) > [Many early-stage entrepreneurs make one simple mistake: Describing this 'big picture' in vague concepts and words.](https://sms4smile.com/quotes/sunil-nagaraj/many-early-stage-entrepreneurs-make-one-simple-mistake-describing/) [Sunil Nagaraj](https://sms4smile.com/quotes/author/sunil-nagaraj/) > [Nobody has a crystal ball, and part of evolving a business plan is to say, 'I might have said we're going left, but I…](https://sms4smile.com/quotes/ryan-kavanaugh/nobody-has-a-crystal-ball-and-part-of-evolving-a-business-plan-is-to/) [Ryan Kavanaugh](https://sms4smile.com/quotes/author/ryan-kavanaugh/) > [I think a business guy is different from an artist. They walk different paths. Artists create the best outputs when they're having fun. And…](https://sms4smile.com/quotes/g-dragon/i-think-a-business-guy-is-different-from-an-artist-they-walk/) [G-Dragon](https://sms4smile.com/quotes/author/g-dragon/) > [ “\[S\]ometimes, when you are a food person, the possible irrelevance of what you are doing doesn’t cross your mind until it’s too late. (Once,… ](https://sms4smile.com/quotes/nora-ephron/s-ometimes-when-you-are-a-food-person-the-possible-irrelevance-of/) [Nora Ephron](https://sms4smile.com/quotes/author/nora-ephron/) > [If you have a different mindset, you will have a different outcome: if you make different choices from your peers, your life will then…](https://sms4smile.com/quotes/jack-ma/if-you-have-a-different-mindset-you-will-have-a-different-outcome-if/) [Jack Ma](https://sms4smile.com/quotes/author/jack-ma/) > [“Some say the Earth is angry Because he wants no company; I say the Earth is angry Because he lives alone.”](https://sms4smile.com/quotes/n-k-jemisin/some-say-the-earth-is-angry-because-he-wants-no-company-i-say-the/) [N.K. Jemisin](https://sms4smile.com/quotes/author/n-k-jemisin/) > [ If the State does not acquire supremacy over \[vast private\] enterprises, it becomes their puppet, and they become the real State. ](https://sms4smile.com/quotes/bertrand-russell/if-the-state-does-not-acquire-supremacy-over-vast-private-enterprises/) [Bertrand Russell](https://sms4smile.com/quotes/author/bertrand-russell/) > [It's not just that families can't buy a home or start a business without some savings tucked away.](https://sms4smile.com/quotes/jim-cooper/it-s-not-just-that-families-can-t-buy-a-home-or-start-a-business/) [Jim Cooper](https://sms4smile.com/quotes/author/jim-cooper/) > [I'm not into business at all.](https://sms4smile.com/quotes/freddie-mercury/i-m-not-into-business-at-all/) [Freddie Mercury](https://sms4smile.com/quotes/author/freddie-mercury/) > [I've long believed one of the mainsprings of our own liberty has been the widespread ownership of property among our people and the expectation…](https://sms4smile.com/quotes/ronald-reagan/i-ve-long-believed-one-of-the-mainsprings-of-our-own-liberty-has-been/) [Ronald Reagan](https://sms4smile.com/quotes/author/ronald-reagan/) [Browse all 39,016 Business quotes ](https://sms4smile.com/quotes/about/business/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "In a free market, businesses compete for customers by keeping prices down and for labor by keeping wages up.", "creator": { "@type": "Person", "name": "Peter Schiff" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/peter-schiff/in-a-free-market-businesses-compete-for-customers-by-keeping-prices/", "about": { "@type": "Thing", "name": "Business" }, "@id": "https://sms4smile.com/quotes/peter-schiff/in-a-free-market-businesses-compete-for-customers-by-keeping-prices/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png", "contentUrl": "https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png", "url": "https://sms4smile.com/quotes/i/334/peter-schiff-8095_business_in-a-free-market-businesses-compete-for_2864721.png", "width": 1080, "height": 1080, "caption": "“In a free market, businesses compete for customers by keeping prices down and for labor by keeping wages up.” — Peter Schiff", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Peter Schiff", "item": "https://sms4smile.com/quotes/author/peter-schiff/" }, { "@type": "ListItem", "position": 4, "name": "In a free market, businesses compete...", "item": "https://sms4smile.com/quotes/peter-schiff/in-a-free-market-businesses-compete-for-customers-by-keeping-prices/" } ], "@id": "https://sms4smile.com/quotes/peter-schiff/in-a-free-market-businesses-compete-for-customers-by-keeping-prices/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```