True. What we need is to remove the underlying problem, which is the profit motive to overcharge and underpay. That is, democratic worker-owned companies, answerable to employees instead of shareholders
Those companies exist but are generally not competitive in terms of the product delivered to the consumer, largely because of a lack of ability to adapt to serve the needs of the market. They’re focused on their employees instead of their businesses and end up getting outcompeted for a variety of reasons.
Price caps set to low cause this. Luckily we have a lot of data available nowadays and with AI a more managed economy should be a no brainer. Pretending reigning in price gouging will cause shortages is disingenuous. Although the best way to handle this would be to increase competition.
Price caps mean product shortages
True. What we need is to remove the underlying problem, which is the profit motive to overcharge and underpay. That is, democratic worker-owned companies, answerable to employees instead of shareholders
Those companies exist but are generally not competitive in terms of the product delivered to the consumer, largely because of a lack of ability to adapt to serve the needs of the market. They’re focused on their employees instead of their businesses and end up getting outcompeted for a variety of reasons.
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Price caps set to low cause this. Luckily we have a lot of data available nowadays and with AI a more managed economy should be a no brainer. Pretending reigning in price gouging will cause shortages is disingenuous. Although the best way to handle this would be to increase competition.
Any price cap on a good that can be transported to markets which pay more will cause shortages in the market which pays less. Basic economics.
If you want to rein in price gouging the best way to do that is with competition and antitrust actions.