Hello fellow economics major :)
Yep, capitalism fails in a few ways in the long run. Monopolies, imperfect competition, etc., which is why regulation is required to optimize the system.
Yep, capitalism fails in a few ways in the long run. Monopolies, imperfect competition, etc., which is why regulation is required to optimize the system.
Monopolies and pricing power clearly destroy this utopia but even without those I try to remember Pratchett's "boots theory" whenever I start to blame the consumer for "accepting" abuse from the capital in power of what gets made, when, and for whom.