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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 barrier
by 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.