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@feld @rbreich

Please refer to the studied phenomena. The cost of raw materials is largely a tiny fraction of the price we pay. The global economy is largely driven by cartels/oligopoly. Without competition, markets are dead.

Hazlitt was not even an economist and promoted the Austrian school. This school is debunked mathematically and behaviorally. Everything touched by it kills the pillars of capitalism. That school is anti-capitalist.

https://en.wikipedia.org/wiki/Henry_Hazlitt