The hilarious nonsense of ‘the economy’. It’s said to be a market, where supply and demand regulates the…

The hilarious nonsense of ‘the economy’. It’s said to be a market, where supply and demand regulates the exchange of goods and prices. But it never does that, unless you regulate it. And everybody agrees ‘competition’ is what fixes everything. Except it never does./1 https://t.co/cFchr70y5a

Competition just makes businesses unprofitable, which is why so few survive even 5 years. Competing on price without reference to underlying costs is the fast track to bankruptcy. So then you get increasingly bad service, and cut corners. /2

Like 737 jets falling out of the sky. Business is most efficient when larger, because of economies of scale. But that then violates the competition mythology. The whole set of ideas is ludicrous. /end