So many companies cut their workforce as much as 10-15% citing that those jobs can be fully automated by the use of AI but I am still waiting to see any meaningful price cuts of their products from the said companies, etc.
Otherwise this will mean that they are doing this just to increase their profit margins and please their shareholders and don’t care about their customers or workforce.
So in other words, it doesnt work in the real world
It does work in the real world. That’s why food doesn’t cost a billion dollars a meal.
That being said, the forced business closures we had a couple years ago definitely consolidated markets, reducing competition and driving prices way up.
exactly
economics is a dumb field, we should get rid of it (and the economy)
Shall we drop a few asteroids on the planet while we’re talking about destroying ourselves?
Don’t defend economics, you aren’t being paid too. All of economic thought is either trivially true or brought to you by someone who has a motivation to lie.