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I thought that the redundancy in all the engineers working on competing identical products was bad but this is worse. No wonder we're not exploring space. My un
by eliasmacpherson 13y ago
I thought that the redundancy in all the engineers working on competing identical products was bad but this is worse. No wonder we're not exploring space. My understanding of free market theory is that the "competition" supposedly drives down price, but I don't think free markets exist.
- eli_gottlieb 13y agoI wish Graeber had reiterated his "1% market" idea another time in full, but the basics are as he implied here. A market reflects the preferences of the people who have the money. If you have a market economy with deeply built-in and extreme inequalities, then you can get a "free market" that, yes, reflects the preferences of about 1% of the population.