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Yeah economics is about "how do I maximize profit and never reduce prices." Then they just lie about how supply and demand works or how productivity increases and mergers will help prices go down. Prices only ever go up.
NO COMPANY WILL WILLINGLY GIVE UP MORE PROFIT.
The way supply and demand works is the thing that forces companies to give up profit is a competing company willing to take a little less profit (and hence undercut prices).
It doesn’t work if there’s no competition, or insufficient competition.
So in other words, it doesnt work in the real world
It does work in the real world. That’s why food doesn’t cost a billion dollars a meal.
That being said, the forced business closures we had a couple years ago definitely consolidated markets, reducing competition and driving prices way up.
Sounds like there is a space for a competitor if anyone with enough capital wants to invest. It's one industry, Michael. How much could it cost, ten million dollars?
That's pretty much it in a nutshell. Anyone with the hundreds of billions of dollars necessary to compete in that space is already there, and doing layoffs.
exactly
economics is a dumb field, we should get rid of it (and the economy)
Shall we drop a few asteroids on the planet while we’re talking about destroying ourselves?
Don't defend economics, you aren't being paid too. All of economic thought is either trivially true or brought to you by someone who has a motivation to lie.