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Illano comments on LINK: Competition is toxic - Less Wrong
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No, I'm saying that capitalism is never purely implemented (with no barriers to entry/perfect information/etc.), and there are cases where due to these inefficiencies, increased competition can cause a poor business model to outcompete a sound business model, leaving nobody standing at the end. This doesn't always happen (hence capitalism mostly works).
Um. I feel there is some serious disconnect here.
Capitalism is not an abstract model that gets "implemented". It is what you empirically get in reality given a few starting points (e.g. personal freedom, right to own property, right to trade, etc.).
People build models of that empirical reality and these models are simplified and rely on certain abstractions. But capitalism is not the result of "implementing" these models, quite the reverse -- the models are imperfect descriptions of actual capitalism.
Sure. That's fine. One of the reasons capitalism works so well is that failure in it is frequent. The unsuccessful shoots and tendrils need to die off and free up resources for the successful ones. The journey towards the equilibrium is an unending dynamic process that is not a straight line and never gets to its destination, anyway.