this post was submitted on 30 Jul 2023
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Sure if the market has healthy competition and the time horizon of the shareholders is long and if everyone is perfectly rational.
You know the 3 things each of which almost never happens.
Markets rarely have healthy competition. Usually for all practical purposes consumers have few if any choices where they can spend their money. Your supermarket might have a million items but you only have two supermarket and those million items are made by 10 companies.
Time horizons of shareholders are infamous for being short. With the larger they are the shorter they are. We live in a world where for decades stocks are bought and sold with high frequency trading. Long term means a business quarter.
Homo Economis never existed. If that abomination against all that is decent ever did form it would die off having no offspring. Humans smoke, they eat junk food, they buy boats, they lose their temper, they spend 45 billion dollars on Twatter and run it into the ground. This is why you don't leave things that matter to one asshole and just have faith that your invisible sky friend Market will correct it all eventually.