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Comment by nerdponx

20 days ago

This is getting wildly off topic, but I firmly believe that "we tried everything and free market capitalism is the best we have" is a myth.

It's incontrovertible that, under certain conditions, an unrestricted price system (a "market") is the most efficient allocation mechanism possible. There's a lot of research on that kind of thing.

The myth is that we have ever tried anything resembling that on a nationwide scale, or maybe even that it is achievable at all. There is a fundamental "paradox of tolerance" in economics, where market participants have strong and persistent incentives to distort or damage the market. This is why business interests so often align with free-market liberalism or conservatism.

Most of the so-called deregulation under the current Trump administration for example as little to do with improving the efficiency of market allocation. It's much more about making sure very large and powerful corporations can get even larger and more powerful, and removing the regulatory apparatus to prevent them from distorting and damaging markets to suppress competition, or to suppress labor costs.