With so few elements you'd think they would include them all...
Otherwise I thought it was pretty good.
But as usual the unaddressed elements were externalization of costs (such as pollution) at every link in the chain, and relatedly, the unregistered cost in intangibles. For example air is free to all, financially worthless, but in practice among the most valuable things on earth. The market can only connect through those types of things through scarcity. So the creation of artificial scarcity becomes a profitabel endeavor. Could/would that happen in the free market...? I think not... I think it needs Gov't collusion. But And as for externalization of costs - obviously that can be handled largely at the local level. Though what do you do when air pollution from factories in one state or nation cause acid rain in an other? Diplomacy? I dont know the answer, I'm winging this line of thought here. What do you think?
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