Earlier quoted context omitted.
Like most words, capitalism has multiple definitions. Among the popular ones, the one that is about capital doesn't concern itself with markets, only capital, so you are quite right that any kind of market goes. It could even be centrally planned! But another popular definition is about the "invisible hand". Rent seeking is absolutely considered to be at odds with the "invisible hand". This is most likely what the pa…
> And no doubt there are a bunch of other definitions that aren't so popular, so the parent commenter could even be using one of those. It might even be his own pet definition that he just made up on the spot right now. This is an absolutely insane take if you want to be taken seriously in a conversation. Making up definitions on the spot and "getting to choose what a word means" is deliberately acting in bad faith.…
Re: Predicting OpenAI's ad strategy
#551I'm not sure what definition of capitalism you're running with, but as early as Adam Smith, the importance of competition free from monopoly and rent seeking was central to the mainstream definition.