Comment Another invisible hand failure (Score 1) 192
Market invisible hand fails here, it seems better suited at destroying value than creating it.
And we even know why: market invisible hand theory relies on a few assumptions, one of them being that products are identical and that buyers' choices are only driven by price. Once we say that "book prices don't seem to be the deciding factor on whether someone reads a book", we know it will not work. If producing books is considered important, then the market should be regulated.