Do you support domestic companies even if its more expensive?
what's your take on this?
detailed answers are appreciated
Most Helpful Guy
I support whatever is cheapest. Most of the time that means foreign. There is one major principle of economics that a lot of people don't understand. Any and every time a transaction is made between two or more parties, there is an increase in wealth. (Assuming no party has been forced into the agreement). If I can get the same product for a lower price, the amount of wealth I've gained is more than if I'd bought it for a higher price. As the saying goes, a penny saved is a penny earned. In many ways I'd prefer to support foreign products because it forces domestic ones to improve in order to become more competitive. We have so many policies that try to protect domestic companies. But if you're setting up businesses so that they are not forced to compete, they aren't going to have any motivation to improve. Promoting the company who can sell for the lowest price means that you are forcing other companies to do better. If a company goes out of business because it can't compete, someone else can buy all the equipment and in many cases most of the employees for a much lower price than they would otherwise, allowing essentially the same business to start over, and produce for cheaper (it's hard to explain and I'm sorry that I don't do it well.) Essentially, by "protecting businesses" we harm the market and prevent the development of new technologies. People develop technologies due to needs, if you keep people from needing it, new and innovative technology will never be developed.
Most Helpful Girl
Nope. If it's a cheaper option of a product available in a store, then that's what I would get. Now produce however is a different story. I like to buy the organic version of any produce in the store, or go to a local farmer stand where they sell it fresh and homegrown
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