> There's a vague plausibility to that kind of statement, which is why it's a debate I've often heard come up in casual conversation, where one person will point out some obvious company inefficiency or product error and someone else will respond that, if it's so obvious, someone at the company would have fixed the issue or another company would've come along and won based on being more efficient or better.
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This sounds like the question whether the market mechanism that ought to remove grave inefficiencies is actually working because there appear to be many examples where it looks like it's not.
My explanation for why the market actually works and we can _still_ see those inefficiencies:
Complexity.
The reason why - even though the mechanism of the market making efficiency a necessity (to not be replaced) is working correctly - we often see inefficiency, is that a complex world enables niches for inefficient unnecessary complexities to exist, where they can consume resources without being easy to remove.
The more complex the environment, the higher the number of possible/existing additional overhead and inefficiencies.