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Well, if you've never known an entitled "idle rich" person, nor worked at a high-skill company taken over by vulture capitalists, nor found yourself bound by a
by bell-cot 2y ago
Well, if you've never known an entitled "idle rich" person, nor worked at a high-skill company taken over by vulture capitalists, nor found yourself bound by a malicious non-compete, nor been a member of a "lesser" gender or caste, nor ...
The law you mention is very nice, on paper. In the real world, there are a very large number of people whose interests it runs contrary to. And those people control quite a bit of our social, economic, and political systems.
- WalterBright 2y agoEvery time a government ruling defies the Law of Supply and Demand, we are reminded that they might as well legislate that pi = 3. The LoS&D is very much "in the real world".
- bell-cot 2y agoAh, Economics theory. Where you know the thing lying on the sidewalk can't be a dropped $20 bill, so you don't even think about picking it up. And Pinkerton's goons have never done anything bad to workers demanding higher wages, and the Tulsa massacre couldn't possibly have happened, and the AMA can't be limiting the supply of MD's, and ...
- deleted 2y ago[deleted]
- WalterBright 2y ago... and socialism still never works. Free markets perform better than any other system, over and over.
- dns_snek 2y agoDo you have any examples of industries that operate as a free market, one that has never received government subsidies, grants, or bailouts? (i.e. socialism) One that doesn't abuse the intellectual property system (e.g. patent trolling), or exploit their dominant market position in anti-competitive ways? When deciding which system "performs better", there are deeper societal factors to consider than just return on investment for shareholders.
- WalterBright 2y agoSure. The software industry. > When deciding which system "performs better", there are deeper societal factors to consider than just return on investment for shareholders. Name an aspect where socialism performs better.
- namaria 2y agoThere's no free market. Therein lies the fallacy. All markets operate and depend on clearly written and well enforced legislation to function.
- WalterBright 2y agoI agree, and a pound of butter doesn't exactly weight a pound, either. A free market requires a government in order to protect rights and enforce contracts. It's not anarchy.
- Nasrudith 2y agoThat sounds like you are projecting like IMAX about economics and assuming that it simply must be loaded with denial-ism of anything bad that ever occurred under capitalism.
- WalterBright 2y agoI never said free markets produce perfect result. Nothing human is perfect. I said free markets produce better results than socialism, every time.
- rmah 2y agoI fail to see what the idle rich have to do with supply/demand. Vulture capitalists buying and breaking up companies is very much in line with supply/demand (in the financial markets). As are non-competes (malicious or otherwise) which directly effect the supply of skilled labor. Discrimination based on non-utility factors directly influences supply/demand and thus influence prices of all sorts of things. Economic theory around supply & demand simply describe how economies work. It does not imply that it will lead to a better life for all. In short, the "law" of supply & demand is about price discovery and resource allocation efficiency. It has no moral or ethical component that you seem to feel it implies.
- WalterBright 2y agoWhat the breaking up of companies does is reallocate the resources of an inefficient company to more efficient uses. Free markets are not steady state - they are a chaotic system constantly creating, disassembling, and reallocating resources.