Jeffrey RubertiMay 23, 2024
Robert Reich

Remember: If markets were actually competitive, corporations would keep their prices as low as possible as they competed for customers.

Instead, the concentration of the American economy into the hands of a few corporate giants gives them the power to raise prices with impunity.

May 22, 2024 at 7:58pmWeb
Show threadRichard R LeeMay 22, 2024
#CriminalProfiteering. @rbreich
Show threadMastodon MigrationMay 22, 2024

@rbreich

Recalling that this is called "oligopy" as distinct from "monopoly" and suggestive of a political framework called "oligarchy" to which we are well on our way.

Show threadEstel_82May 22, 2024
@rbreich Yep...
Show threadAndrewMay 23, 2024
@Estel_82 @rbreich
Oligarchs and mgacorporations control everything now, and you're not even allowed to say that they control everything now, lest you be arrested on some spurious charge.
Young people especially should be angry.
The old have stolen from them. They have been left with no resources or opportunity
Show threadOsitoMay 22, 2024
@rbreich when you read economics texts pay attention to the words 'all other things being equal' and especially 'perfect' as in perfect competition in other words, a theoretical state that does not exist in reality.
What you do find in reality is that price moves to maximize profit per unit.
Show threadOsitoMay 22, 2024
@rbreich so what kind of market would you say it was if there are only a few producers of the product/ service?
Show threadJeff CMay 22, 2024
@rbreich Ahhh, from a game theory perspective your statement doesn't make much sense.
Show threadLenoraMay 23, 2024
@rbreich consumers have some power. They can buy what they need not what they want. Snacks, soda, expensive trucks, etc are unnecessary. Companies will react if consumers cut spending
Show threadˈdälfən™🐬 💥 🌊May 23, 2024
@rbreich The first part of your statement is misleading. The second part- yes, the U.S. has many oligopolies in different markets and those major market leaders set prices (they are “price setters” in the market). The gov’t could help with more regulation but a bunch of that would go against the whole “free market” capitalism thing.