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If a business is 'destroyed' by rising prices of its inputs, we generally don't blame the vendors. Cost of labour went up, it's up to the business to adapt.
by vkou 2y ago
If a business is 'destroyed' by rising prices of its inputs, we generally don't blame the vendors.
Cost of labour went up, it's up to the business to adapt.
- burnerthrow008 2y agoSounds like it did adapt. It did the rational thing of ceasing to exist (taking all the jobs with it).
- vkou 2y agoAnd unless people in that town stopped using electricity, all of those jobs didn't disappear, they were recreated at the next shop over. I doubt the uncle in this story was John Galt, or some other fantasy superhero.
- dmix 2y agoHe literally took loans to try to adapt but the economics and large administrative burden didn't make sense.