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Free market people are responding to this with "when demand goes down you have to lay people off, learn economics dumb socialist!" People's brains are so broken by capitalist realism they think if you have a descriptive explanation for something, that makes it de facto rational.https://twitter.com/existentialcoms/status/1238524655989690368 …
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.
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.
they act as if a capitalist, free market status quo is the defacto state of nature, and that humans are especially entrusted to ensure that Nature's Will is done by performing the same rote actions until the end of time. It's a first world cargo cult
What is the alternative? To maintain production at normal levels and produce things that no one will buy? (Genuine question. I feel like I'm one of those people struggling to think outside the capitalist box. What would the alternative look like?)
Are you saying (something which implies) that there is some set of companies such that each should expect that it would be better if they agreed to be bound to continue paying employees for some time if demand fell, even though individual companies would have incentive to not?
Err, I mean, imagining that the companies in the set are each presented with the choice of either all of them being bound, or none of them being bound. (Of course a single company wouldn’t be better off if it alone was bound.) (And I guess the contract happens if unanimous)
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