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Comment by kibwen

Remember: profits are a direct measure of the inefficiency of a given market.

In a functioning market, the existence of profits either drives businesses to reduce their own profits by competing on price (problem: cartels) or else drives new businesses to emerge in order to seize some of those profits (problem: barriers to entry).

To have record-breaking profits means that are markets are record-breakingly inefficient, and an inefficient market is useless (or possibly worse than useless).

parent kibwen 3 years ago

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