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First, the competition is only in markets with free competition where everyone can compete. There are many market structures within a capitalist society (exampl

First, the competition is only in markets with free competition where everyone can compete. There are many market structures within a capitalist society (example - monopolies or where other barriers to entry exist) where this simply isn't true in some large scale way. Maybe you say that isn't true capitalism, but it's the form of capitalism that actually exists. Think about fast food wages still being at minimum wage in a lot of places despite widespread competition. McDonald's CEO is rich, but their employees are still on welfare. Wages only went up during the pandemic when labor became scarce.

WalterBright 2y ago
Everyone? Only one competitor is needed to provide competition. Fast food wages translate directly into how the fast food is priced. Increasing min wages for fast food workers is followed immediately by price increases.
- 7thaccount 2y ago
  When you said "everybody else goes into business to compete with him" I was just trying to say this isn't true in a lot of cases due to a wide range of barriers to entry. This can be legal (patents or regulations), natural monopolies like telecom...etc. You said competition leads to higher wages and I stated that hasn't been true in a lot of places and used fast food as an example. Your response, while true doesn't seem to be relevant to what I was saying. I know you're a lot smarter than me, so we're probably just talking past each other :)
  - WalterBright 2y ago
    > You said competition leads to higher wages Less than 2% of the workers in the US work for minimum wage.