> the ever-growing pie is rarely distributed among those who actually do the work
That's the Labor Theory of Value perspective. What actually happens in those cases is the particular jobs being done are not that productive. Consider if you could pay someone $10 to do $100 worth of work. Inevitably, your competitor sees you making this easy money, and entices your worker away for $11. Then you entice him back for $12. Then Fred entices him away for $13. See where this is going? The wages go up until it is barely profitable to employ the person.
> Obnoxiously wealthy people rarely create anything
What they do is conceive of it, finance it, and manage it. Those are critical wealth-producing activities. Start a company yourself, and this will quickly become apparent.
> is rarely distributed among those who actually do the work
Scores of millions of destitute people immigrated to America in the 19th century and moved up into the middle class and beyond.
Also, free markets do not "distribute" wealth. Again, that is the fixed pie viewpoint. The actors in free markets create wealth.
> Predatory pricing,
I.e. offering lower prices. Nothing wrong with that.
> regulatory capture
That's a problem with government, not free markets.
> and buying out competition
Nothing wrong with that, either. Lots of conglomerates become so complicated they collapse, and new competitors always spring up.
That's the Labor Theory of Value perspective. What actually happens in those cases is the particular jobs being done are not that productive. Consider if you could pay someone $10 to do $100 worth of work. Inevitably, your competitor sees you making this easy money, and entices your worker away for $11. Then you entice him back for $12. Then Fred entices him away for $13. See where this is going? The wages go up until it is barely profitable to employ the person.
> Obnoxiously wealthy people rarely create anything
What they do is conceive of it, finance it, and manage it. Those are critical wealth-producing activities. Start a company yourself, and this will quickly become apparent.
> is rarely distributed among those who actually do the work
Scores of millions of destitute people immigrated to America in the 19th century and moved up into the middle class and beyond.
Also, free markets do not "distribute" wealth. Again, that is the fixed pie viewpoint. The actors in free markets create wealth.
> Predatory pricing,
I.e. offering lower prices. Nothing wrong with that.
> regulatory capture
That's a problem with government, not free markets.
> and buying out competition
Nothing wrong with that, either. Lots of conglomerates become so complicated they collapse, and new competitors always spring up.