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(1/2) The key insight that led to Misaligned Markets was recognizing market actors don't just compete on economics. Because they act in the world, the entire world is their operating environment.
Market competition incentvizes ways of circumventing traditional market forces (cost, efficency) with "outward" facing competition: collusion, marketing, lobbying, regulatory capture, and more.
(2/2) The options avaiable to market actors increase with size. Which is no wonder we've gone from market oligopoly to political #oligarchy
The same thing happened in the Gilded Era, and other industrial nations (Japan) started concentrated.
In my newest blog post, I highlight some of the ways that companies avoid competition and nickel-and-dime consumers on the margins and how it adds up to the world we find ourselves in.
