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Most businesses are indeed incompetent, but that's OK as it is usually not required to be all that competent to still make a lot of profit.
by WJW 1y ago
Most businesses are indeed incompetent, but that's OK as it is usually not required to be all that competent to still make a lot of profit.
- graemep 1y agoThat is not how a free market economy is supposed to work. Anyone incompetent is supposed to be driven out of business by those who are competent.
- WJW 1y agoOn the margin, that is true. But it also needs a situation where there are many competitors in any market, where consumers will choose only the best product at the best price instead of paying attention to politics/religion/location/etc, where switching costs are low and where the consumers can accurately determine quality in the first place. The free market is an interesting idea, but it assumes many preconditions that are not always true in practice. It's an approximation at best.