Yeah first thing I thought too

I buy CDs and rip them into lossless myself unless it’s not available and then I’ll sail

There is no problem… in theory. You can show mathematically that profit maximisation and utility maximisation can distribute goods effectively. In theory, on paper, where everyone follows the rules and so on. That’s true with any system really.

Often, when you solve these models in economics, you implicitly make the assumption of ‘benevolent dictator’. You need someone outside the system that has nothing to gain by interfering in the system, that can move stuff around at will, that regulates every single agent/firm to behave in ways only permitted by the system etc.

The problem is humans are human. None of these things work if someone decides to not play by the rules. People can blame the system sure, but if the system isn’t even being employed properly in the first place, I think it’s the wrong argument to be having. It’s a bit like ignoring or modifying half the rules of a board game and then saying the game is broken because it leads to weird outcomes.

The problem is that in theory the workers also are supposed to own the factories and get a slice of the profits. This is what shares are for. Unfortunately, in practice, a larger and larger chunk of people seem to be getting excluded from that bit.

Most sources suggest 1100s

Hanging on the wall of my local guitar store about 15 years ago.