If you spend some time working through the interchanges in this thread, you will likely come away as sure in that conclusion as I think you can be. I am an economist too, and am pretty sure by now I have been led into some very poor and expensive audio equipment decisions which I understand after reading this thread and some of the material it links too.
An attempt to summarise the basic principles (from one economist to another....)
-The job of a DAC is to convert a digital representation of audio into a continuous voltage signal. That voltage signal is then passed to other equipment (preamps, speakers, headphones) to generate what we hear.
-Testing equipment can assess the accuracy of the digital to voltage conversion with a high degree of precision. Devices where any inaccuracies lie well outside of the bounds of human hearing can be referred to as being 'audibly transparent'
- Technology has developed to the point that many relatively inexpensive DACS are audibly transparent
- Once a device is audibly transparent its output is basically indistinguishable from other audibly transparent devices to the human ear under controlled listening/testing conditions. There is no "better soundstaging" or similar fairy dust that lies within the bounds of both (a) remaining accurate to the source material and (b) being reliably identified by listeners under controlled conditions.
As for your list as to why the structure of the audio equipment inmdustry is the way it is, you have simply used terms recognizable from the economics literature to express ideas which have been expressed in the prior 500+ pages multiple times. What an economist's perspective probably underplays, relative to the expertise of the contributors here, is the extent to which perceptual biases and "testing" outside of controlled conditions leads consumers to believe that objective differences in audio reproduction are present when in fact they are not.