The reason it is irrational is because the very action that helps the business in the short term micro situation - firing workers to cut costs, deepens the very crisis which caused the situation, that is to say decreased demand. It is irrational in the long term, macro level.
-
-
Show this thread
-
That is because the free market is not based on rational self interest, it is based on irrational self interest. It is rational self interest for everyone to work together to overcome a crisis; it is irrational self interest for everyone to cut their loses, deepening the crisis.
Show this thread
End of conversation
New conversation -
-
-
They also somehow forget that even capitalists realize this, and it's the entire point of Keynesian economics. Seriously the amount of "capitalist" who don't even understand the basic economics of capitalism is stunning.
-
"Muh libertarianism"
End of conversation
New conversation -
-
-
explaining it versus explaining it away are two different things folks
-
Very prominently seen in Gender Pay Gap discussions.
End of conversation
New conversation -
-
-
A lot of them have accepted as a maxim that capitalism is inherently morally good. That's stupid, but it explains a lot of how they behave.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
Schools of Business should be illegal.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
"How can we acquire goods and services if no one has money?!" Oh, I dunno, maybe cooperation, and labour?
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
And then next their broken brains start making them say, "Actually, price gouging during disasters is a good thing!"
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.