‘You don’t need a government agent to tell you what you want or when you want it’
Milton Friedman explained that “market processes” allow individuals to interact and exchange goods and services voluntarily. The prices they charge in these exchanges guide production and consumption decisions, ultimately leading to the most efficient resource allocations, maximized customer satisfaction, and increased purchasing power, and this all occurs with minimal need for government interference.
When it comes to electric vehicles, the absence of a “market process” has ignored consumers’ wants and needs and allowed consumer demand to be misinterpreted. Demand exists only when a consumer needs and/or wants a product and can afford it. However, when government mandates and subsidies push EVs instead of more desirable vehicles, we can’t tell if manufacturers are producing the optimal number of electric vehicles.