A friend posted this :
Let me tell you a story about the “free market” and its ability to “self-correct”: Many years ago, stock car racing was invented. Never mind how or why. Fast forward eighty years. Stock cars have five lugs per wheel like most street cars. A bunch of competitors in that sport figured out that they could reduce pit stop time by not putting on or even not fully-tightening all five lug nuts on every wheel, because this would be in their best business interest as business organizations. People lost races because of loose wheels. Wheels came off. There were wrecks.
NASCAR said, “This is stupid. We will now observe every wheel change and penalize you if you leave your pit without all your lug nuts installed and fully tightened.” And they did. It was expensive because they basically had to have an official observing each wheel-change on every car. But it was the right thing to do for everyone involved. And things were better for everyone involved.
Then a few years ago they decided to relax that (probably due to declining revenue and decreased ability to afford that oversight). A bunch of teams promptly started putting only four or three lug nuts on. People lost races because of loose wheels. Wheels came off. There were wrecks.
NASCAR said, “This is stupid.” And they reinstated the rule. Now things are better for everyone involved again.
Any questions, Randians?
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