The most popular argument for a free-market economy is that it encourages innovation. “Under the damn commie regimes,” it is said, “they can’t invent anything because they don’t have a financial incentive to do so.” While this is a massive over-simplification, there is no doubt an element of truth to it. History certainly shows a concentration of inventions in places where inventors can financially better themselves.
Of course, the dark side to such a system is never mentioned by the libertardians.
Allow me to show you exhibit #14,592,165
Part of the incentives problem is that items are invented that don’t even solve the problem that they claim to solve. Hell, I’ll even assume for just a second that there is a dangerous pandemic occurring. No one needs a mask with a giant gaping hole in it. This could not keep a murder hornet out of your mouth let alone a microscopic organism. Nevertheless, scared boomers will no doubt buy this if they see it on an infomercial or if Anderson Cooper tells them to.
But, I don’t really believe there is a legitimate pandemic going on right now. While I acknowledge that COVID-19 is real, I think its danger is exaggerated. Why has it been exaggerated? Well, that exposes the other flaw in the incentives package of capitalism. If there is no demand for your products, then you can always create some. Looking your way Big Pharma, Dr. Fauci, and Bill Gates…