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Core properties of well functioning markets is information symmetry and transparency. I don't think this describes a lot of consumer goods. Even consumers who w
by K0nserv 2y ago
Core properties of well functioning markets is information symmetry and transparency. I don't think this describes a lot of consumer goods. Even consumers who want to do their research will find that there isn't enough information available.
Personally, I feel the responsibility of government in a capitalist system, is ensuring the free market is actually a free market. I'd love it if there was a government agency charged with improving the above mentioned problem of information asymmetry and lacking transparency. For example, when I buy a fridge I'm happy to spend more now, if it means I spend less over the lifetime of the item, but determining the cost per year for every fridge on the market is a huge task for an individual.
- tempest_ 2y agoThe average life of a consumer good anymore is sometimes measured in months. By the time you know the compressor on a particular fridge model is junk that model is no longer sold. I have found with the exception of very expensive brands, 20k dollar fridges etc. they are all junk and paying more just gets you useless features like wifi connectivity or a tablet in the door that will be part of a botnet in 3 months.