Duplication
Not really. If two companies create a product, and have a similar market share, they are producing the correct amount in total. If they aren’t, one of them will be running a loss and be forced to adapt.
Also, because there are two or more options, there is competition, innovation and a push to optimize and lower prices.
Profit
Yesn’t. Thats the point of properly regulated, to force the actors into doing things right instead of abusing economic power. AKA, if you have UBI, people won’t need to take slave jobs, and the companies will have to sacrifice higher profit for paying wages that keep their employees satisfied.
Markets don’t necessarily need profit incentive, just that different people have different preferences for the things being offered. There are examples where markets are created and used to allocate resources where the exchange currency isn’t even money, such as time banks.
“Duplication” of production is not inefficient from a macro economy perspective. First it provides supply chain redundancy, second it typically incentivises innovation. If you assume a centrally planned economy (which is the typical opposite of market based in discussions) both of these benefits of duplication hold in theory.
Competition means unnecessary duplication or more of workloads/resources/distribution.
Markets based systems are also terribly inefficient because they seek to gain the most profit at the expense of everything else.
Also, because there are two or more options, there is competition, innovation and a push to optimize and lower prices.
Yesn’t. Thats the point of properly regulated, to force the actors into doing things right instead of abusing economic power. AKA, if you have UBI, people won’t need to take slave jobs, and the companies will have to sacrifice higher profit for paying wages that keep their employees satisfied.
Markets don’t necessarily need profit incentive, just that different people have different preferences for the things being offered. There are examples where markets are created and used to allocate resources where the exchange currency isn’t even money, such as time banks.
“Duplication” of production is not inefficient from a macro economy perspective. First it provides supply chain redundancy, second it typically incentivises innovation. If you assume a centrally planned economy (which is the typical opposite of market based in discussions) both of these benefits of duplication hold in theory.