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And yet, in an efficient market, the woodworker charges almost exactly what the dollars are worth to the customer. And the customer pays no more than what the c
by braythwayt 11y ago
And yet, in an efficient market, the woodworker charges almost exactly what the dollars are worth to the customer. And the customer pays no more than what the chair is worth to the woodworker. So they don’t “both benefit.”
As to whether the industry is artificially constrained, I am not arguing for artificial constraint, so I don’t need to respond to that. My point was that making a chair creates wealth. That's true whether you make a chair for yourself, or for someone else.