> 'I think we need to be careful to define what we mean by "efficient".' yes, efficiency has multiple definitions (e.g., productive, allocative, etc.), but i t

> 'I think we need to be careful to define what we mean by "efficient".' yes, efficiency has multiple definitions (e.g., productive, allocative, etc.), but i think the problems you raise (overwork, anti-competitiveness) are primarily regulatory. communities (governments) set the rules, and capital has to be allocated within the confines of thsoe rules, like 40-hour work weeks and antitrust laws (akin to out-of-bounds rules in sports). similarly, the costs of pollution should be internalized, as logically, it's a form of stealing (taking enjoyment, health and even lives from others). > "Isn't this one of the classical critiques of capitalis[m]..." i suppose marx made a similar argument about the tension between capital and labor, which could be further extended to the consumer-citizen as another economic stakeholder. we invented the fictional personhood of the corporation to resolve a legal conundrum (how to interact legally with businesses, separate from owners) and even gave them special privileges to foster innovation (e.g., the corporate veil). it's only fair to maintain equivalency in negotiations in exchange for those privileges.