Perhaps start here: https://en.wikipedia.org/wiki/Unsafe_at_Any_Speed https://en.wikipedia.org/wiki/Unsafe_at_Any_Speed The market-based process of product opt

Perhaps start here: https://en.wikipedia.org/wiki/Unsafe_at_Any_Speed https://en.wikipedia.org/wiki/Unsafe_at_Any_Speed The market-based process of product optimization you have outlined has many holes -- in this case, market failures including cartel behavior and incomplete information. The thing that's surprising is that despite the many flaws of the pure laissez-faire approach, seen repeatedly, people trot it out as if it's still fresh, in wonderment that it hasn't been tried hard enough.