The Importance of Competition | Intellections

The Only Thing That Reliably Leads to Lower Prices And Higher Quality Goods

Industries without much competition are marked by high prices, low customer service, and a lack of innovation. But when competition thrives in a market, consumers get better goods and services at lower prices. Existing producers in the market don’t like competition, but it’s good for consumers. Some businesses will succeed and others will fail. But as long as it is easy for new competitors to enter the market, prices will stay low and innovation will continue.

[CustmBuilder]

Not just important to business and economics but to the Human race as a whole. When people see others succeed they aspire to surpass them, without competition human ingenuity seizes to exist.

[williamcassity]

This is why I like capitalism: competition. It ensures consumer quality

[jish]

Counter, if we didn't have competition and instead worked together, people would come up with better solutions to current problems and advance together. Also competition is why there are wars, why others cannot just step into any random thing and introduce their own idea, because unless you have the money (another aspect of competition), you're not able to invent and better society. It's because of competition we also view people outside the US as lesser, why American's keep spouting how we're the greatest country on earth when that's not the case, because America is just another country. Without competition, countries would also be more willing to work together to better society as a whole because there's no longer a need to outdo others, so instead we go and see what the issues are and fix them together. Hell, it's because of competition that America has stopped advancing and other countries have become a far better place to live, because America refuses to adopt other countries ideals because that proves America isn't the best, which would go against the competitive mind set.

[bxcutielife]

Today that's bullshit. Many mom and pops cab services no longer exist while uber and lyft prices tend to be super expensive to go short distances.

[fernandezshaina]

International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.

[savagemp]

Now Uber, and whatever ride hailing cost more than traditional and convention flag down taxis, they brought short term gain, but lose in the long term. What say u ?

[lonestar]

🎵People living in competition 🎶.
They say that competition is good. So let’s give the Beast (Revelation chapter 13) some competition. “WELCOME TO THE MONSTER”

[feminentity]

the begining lowkey sounds like sardonyx theme

[sci-figameguy]

Capitalism (with slight control) folks. It works.

[ChillStreamsLive]

Actually, no, prices don't always go down and quality of services and products rendered don't always go up in a competitive system.

Right wing propaganda as usual.

Here's two examples where unregulated competition leads to adverse outcomes: monopolistic and oligopolistic markets.

Both markets tend to drive up price at lower quality. Monopolies have market dominance, so they can inflate their prices and still have a consumer base because they are the only business available selling the product people need.

Oligopolies can collude with each other and agree to NOT compete with one another's prices or services. They can ALL raise their prices in tandem.

Both markets tend to output lousy products too, because there's no competition and therefore no incentive to improve business strategy and output performance.

[jessicam]

A lot of money spent on this shitty propaganda that gets barely any views. Who funds something that is obviously a failure?

Ohhh... Not surprised! :)