That's if we leave it to the market. There are other options, such as direct action, collective action and various forms of state intervention.

It is far worse than that. Market capitalism can not move us from local maxima even when we know far higher maxima exist.

What? R+D investment is still a real thing, even if investors have shorter time horizons than they used to. There are still firms sacrificing short term gains for long term ones.

I wonder if the market can exhibit “profit tunneling” where you can temporarily violate the classical rules as long as you end up “making up for it”.