The answer is obviously that an overseer (i.e. the state) must enforce a floor to avoid a race to the bottom, because that argument implies then why not work 14 hours, 6 days a week. Like safety laws enforcing a common standard so companies are not out-competed by ditching safety measures, labour laws are also part of keeping the playing field fair in an competition economy.
Yet after 100 years of explosive technological growth we still have the labouring hours of the 1930s...
You can also curb greed with extremely high taxes at the top. We did it after the Great Depression, top marginal tax rate was something like 90% over 10 mm per annum.
The result was that business owners invested in their workers and long term health of their business so it would continue to give them 10 mm per year instead of trying to cash everything out every 1/4.
In general, a free market only works (even in theory, let's not even get started on the practice of it...) when _there is no assymetry of information_. Otherwise it's just fraud, one party mispricing things because the other party knows something they don't.
It's why we require public companies to disclose their finances. How could a person, even in theory, know whether to invest otherwise? It's why we require sellers of houses to deliver an independent inspection report. Etc etc.
The converse is also why HFT companies make more money than croesus.
Come on... This thread has people saying their small website went from 1k requests a day to 100 requests per second. What would you have them do to mitigate this, I wonder? I would rather not have to have an anime girl picture stalling the website load for 1s, but I'd rather have the anime girl and see the website than no anime girl and no website.
If you're worried about giving money to these corporations, why don't you buy second-hand? It's not like a 9 month old TV model suddenly is obsolete. An excellent TV from 3 or 4 or 5 years ago is still excellent today. Resist turbo-consumerism and just buy second-hand!
Yet after 100 years of explosive technological growth we still have the labouring hours of the 1930s...
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