> The free market ... feels like something has gone terribly wrong.
Well yes. It has done for several decades at this point. It's a classic case of Goodhart's Law "When a measure becomes a target, it ceases to be a good measure". In this case the measure is the market price of a good/service and/or the profitability of a business. It is assumed by free-market capitalism to be a good measure of societal value, and it was, more or less. But over time that's become less and less true as people over optimise for the metric.
Well yes. It has done for several decades at this point. It's a classic case of Goodhart's Law "When a measure becomes a target, it ceases to be a good measure". In this case the measure is the market price of a good/service and/or the profitability of a business. It is assumed by free-market capitalism to be a good measure of societal value, and it was, more or less. But over time that's become less and less true as people over optimise for the metric.