Comment by BarryMilo
4 years ago
Growing up I was told the major advantage of capitalism is that you get a diversity of offerings. This seems less and less true as time goes on, but maybe it was always an illusion.
4 years ago
Growing up I was told the major advantage of capitalism is that you get a diversity of offerings. This seems less and less true as time goes on, but maybe it was always an illusion.
It is only true when entry barriers to the market are low. Capitalism will give you a diversity of toasters or beer. Complex tech devices like phones have higher barriers, you can't just hack up a phone in a team of 5 people. Besides, economy of scale makes niche products more expensive.