I was thinking about market failures, and the example of the Pringles chip came to mind.
Pringles are the golden standard of potato chips. Each chip is off the highest quality and consistency, packaged beautifully (and fully recyclable), all palates catered to, inexpensive (even relative to inferior chips).
Why then do we waste so many resources making other chips? Pringles offer far more value for money (especially considering the consistency of each chip) than any other chip. They taste better than any other chip. Why doesn't everyone then make Pringles? They can't have a patent on high quality, high consistency potato chips.
Why do we want a choice? Pringles are the best value and the highest quality product. They taste the best; they are the best.
Instead though we see a "rush to the bottom" - the cheapest tat chips blanket shelves of the lowest quality and consistency. This is what "competitors" make. It is market failure, and it is the pattern everywhere, in complete contradiction to Adam Smith.
Thoughts?