Why would we think businesses will always make the right move?
replyThey'll blunder. They'll do it even harder in the absence of competition.
Who said I thought businesses would always make the right move?
replyBusinesses blunder. "The market" is just a set of observations, including that competitors will tend to take advantage of those blunders. It is not a failure of the market that businesses have blundered, nor surprising that it will happen occasionally, and neither I nor mrweasel implied otherwise.
The market is actively trying to solve it right now. Micron is investing $200B in new fabs. Everyone is trying to ramp up production.
replyYes, identifying a problem is easy. But solving shortages in all cases requires perfect knowledge of future demand. So, good luck.
That's what modern capitalism is and it's bad for everyone
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