Comment by eru
2 months ago
The free market is mostly the glue that binds lots of tiny and not so tiny planned economies together. (I mean companies and even family budgets.)
2 months ago
The free market is mostly the glue that binds lots of tiny and not so tiny planned economies together. (I mean companies and even family budgets.)
As long as that N is high enough for each market, it’s good enough. When you are down to 3 producers, well there are reports of tigers there.
Yes.
As a small wrinkle: the actual observed number of producers can be small, but the market still be competitive. See https://en.wikipedia.org/wiki/Contestable_market for one case: when potential suppliers are waiting on the sidelines.
But each company itself is composed of multiple agents. It's just that companies are a scale of consolidation.
The exact same thing happens in the cortex, 10s of thousands of cortical columns coalesce into a single action.