"Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”
Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations
The part the people peddling the Free Market as self regulating never say is that only markets with no barriers to entry like for soap or teddy bears are actually Free and most are no such thing.
I think even both teddybears and soap are quite regulated markets in EU, could probably require a capital to enter the market a lot larger than you would think, to get anywhere beyond the local flea market level of sales.
Free market totally regulating itself like we’ve always been told.
"Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”
The part the people peddling the Free Market as self regulating never say is that only markets with no barriers to entry like for soap or teddy bears are actually Free and most are no such thing.
I think even both teddybears and soap are quite regulated markets in EU, could probably require a capital to enter the market a lot larger than you would think, to get anywhere beyond the local flea market level of sales.
The thing is most of that comes from early market theory that almost universally had a warning not to do or allow this type of shit.
How can you doubt the Invisible Hand? Have you not seen how much it jerks?