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It’s absolutely insane to me how intro economics classes spout that capital takes on risks to implement new ideas while completely glossing over the political process of ensuring profit floors and guarantees under the “rent seeking” definition. Like, rent seeking seems to be the only goal of capital now.

Egregious example:

https://www.loevy.com/for-profit-prison/

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Public prisons have all of the same incentives to reduce costs and anything you should do to ensure public prisons are following minimum standards (regular inspections and regulations) can just as easily be applied to private prisons.

The problem isn't the profit. The problem is the lack of accountability.

The profit motive introduces the lack of accountability because now they care about making money and not housing humans and providing dignity.

Politicians don't care about that either. They care about trying to balance the budget by cutting money from the places that people care about the least.

Politicians care about this around me, they even campaign and win on these issues. Try not to speak in absolutes

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