What is more, markets only work when no one participant can influence pricing
That Tesco can change the price of its own brand baked beans by 1 p means that markets do not work.
Myself, I think that\’s a rather strong claim. Strong to the point of lunacy, obviously.
The actual, real, claim from the economists is that a perfectly competitive market is one where no one player can influence the price. But the claim is not that this is necessary for markets to work. Even markets that are not perfectly competitive work….and work better, for much to most to nearly all of the time….than having no markets at all.
Let us just consider what Ritchie is actually claiming though. Influence over pries means that a market cannot work. Thus we must ban unions of course: for they exist in order to influence prices in the labour market. Thus the presence of unions means that markets cannot work: so we must ban unions.
Now I don\’t actually believe that to be the correct action: but it is an inevitable outcome of what Ritchie claims to believe.