Semi-Normal on Nostr: IMO... One of the fundamental failures of anti capitalists is to understand the cost ...
IMO... One of the fundamental failures of anti capitalists is to understand the cost of producing and consuming information and factor that it to their calculations.
You will often see criticisms to the effect of "capitalism only produces market efficiencies with perfect information". I reject this argument.
It may be true that I could purchase a similar good for less nearby (we'll use a pen, sold by neighboring stores for $0.50 difference in price) however.. Researching all alternative purchasing paths is a significant time cost and likely to only produce minimal value, so I don't.. And maybe overpay for the pen.
Information has to be produced by someone (they should be compensated). And potentially benefits me (I have a marginal gain to be shared with the producer).
I think this plays our in reality... People shop for houses where gain is potentially significant, not for pens.
You will often see criticisms to the effect of "capitalism only produces market efficiencies with perfect information". I reject this argument.
It may be true that I could purchase a similar good for less nearby (we'll use a pen, sold by neighboring stores for $0.50 difference in price) however.. Researching all alternative purchasing paths is a significant time cost and likely to only produce minimal value, so I don't.. And maybe overpay for the pen.
Information has to be produced by someone (they should be compensated). And potentially benefits me (I have a marginal gain to be shared with the producer).
I think this plays our in reality... People shop for houses where gain is potentially significant, not for pens.