>>The private sector is indeed filled with lots of inefficiencies, but due to the profit motive and presence of competition, there’s massive incentives to correct those inefficiencies slowly over time. You'll make more profit doing so!
Instead of correcting inefficiencies it's more profitable for private sector to:
1. merge/acquire competition, create monopoly,
2. lobby government for monopoly status (ISPs)/protection from competition with tarrifs (automakers)/...
3. sue competition out of business
4. aggressively use patents,...
Also found it funny that someone starts post with 'red herring' and ends with 'educating' parent post about communism :D
I did not understand his post as 'all profit is waste', this is what he said:
>>The amount of resources used to feed profit alone are a huge waste.
I believe that this can sometimes be true. For example, lets say that CEO want to raise profits by 20% by end of fiscal year and uses 50% more resources for that compared to current resource/profit use.
This might be good idea for CEO, if his bonus is tied to profit, but for company it might be better to develop business that is going to bring more profit / resource spent a few years down the line.
I think both government and private sector have waste. It's just that reason for waste is different, and it doesn't make sense to compere them directly. Also, combating waste should be done differently in private vs public sector.
Instead of correcting inefficiencies it's more profitable for private sector to: 1. merge/acquire competition, create monopoly, 2. lobby government for monopoly status (ISPs)/protection from competition with tarrifs (automakers)/... 3. sue competition out of business 4. aggressively use patents,...
Also found it funny that someone starts post with 'red herring' and ends with 'educating' parent post about communism :D