Race to the Bottom is Death
People search for lowest taxes, lowest prices, lowest everything … which translates into lowest wages, lowest public services, lowest support for education and health, and lowest level of caring and equality. Capitalism is nice for somethings, like the general idea of entrepreneurship. But any narrow system taken to its logical conclusion equals imbalances and eventually destruction. We worship false gods. Money is the shiny distractor. This can be seen most obviously in food. Low price leader? No, it’s spend less and get less, for your health. We eat cheap disgusting diets and we die of expensive and disgusting diseases. We need the paths that yes, support entrepreneurship, but also support science and support human systems. It’s complicated, there is no one holy grail. It’s about diversity … people have such a hard time understanding that because we like unilateral thinking, power, and blind faith.
Eating cheap shit will kill you, duh. Unbridled capitalism destroys itself, duh. Pure socialism makes people lazy and apathetic, duh. We need to open our eyes and rethink the possible and the diverse, appreciate it, and accept it.
Peace @Clumsysilverdad
needed: comprehensive interventions to promote the production, distribution, and consumption of healthy foods across all nations.
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Hell yah so true.
I run a small business in a small town and there are places people can go to buy cheaper. Cheaper exploited overseas labour. Expensive and planet killing shipping. Walmart is cheaper because they buy in such bulk, they can name the price and the company has to take it. Then they pay their employees less than a living wage to keep em in servitude.
There is cheap, fast and good. I would hope that people realize you can have 2 of the three max. Might as well chose good and fast local and leave the cheap to the people barely scraping by.
amen bro
Wise words, sir. The race to the bottom is the manifestation of constant short term thinking. leads to ruin.
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peace
Here in the Philippines, cheap food is great... Wanna eat less than a dollar a meal, then go for fresh vegetables and fish fresh from the Sea. Want to eat expensive then go to fast food and eat fries and meat product. Probably not all situations is equal.
great example, people will do a lot of stupid things just to follow the herd. enjoy your native healthy food and sunshine, peace
Working for local government, I often have to get three quotes and then select the lowest price. However, the rules allow me to select a higher cost if I believe we would get higher value or have reasons to believe the lower cost is unrealistic.
This is what economists call the “rational actor”. A buyer who would act in his own self interest.
I’ve had to rethink the rational actor. Too often, people act irrationally when they purchase. It’s more of a justified actor. Buyers come up with rationalizations to justify buying what the don’t need or is bad for them.
I have also rethought competitive advantage. That is definitely a race to the bottom. It is idealistic to believe everyone can go to college. The simple fact is that in any population, there is an IQ bell curve. There is a large chunk of people who need the type of jobs that often get outsourced abroad. While there is competitive advantage in lowering labor costs, it unemploys a large chunk of your customer base. In the meantime, they are struggling to compete for fewer and fewer of the jobs they can do.
In short, I think there are some economic assumptions that need revisiting.
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Yes, acadmeics talk of rational, but really people are easily duped, driven by fear and greed... economics serves the 1% nearly all the time. peace and gl
I think economics merely tries to explain. Economists, on the other hand, can often get the explanation wrong, leading to bad policies. The reality is that we can only explain after the fact. The system is too complex and chaotic to truly know how a tweak here will ultimately affect the market there. And once an error is made, rather than put things back, new changes are added to compound the problem with new imbalances. We’re just monkeys with sticks poking at a system with millions of variables.
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