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Economists have not necessarily been blind to social needs - policy makers and politicians benefiting from a revolving door of oligarchs enabled by various inst
by devonkim 7y ago
Economists have not necessarily been blind to social needs - policy makers and politicians benefiting from a revolving door of oligarchs enabled by various institutions culturally stationed to manipulate a larger population into working under these few for smaller and smaller pieces of power. Milton Friedman made it quite clear that a free market doesn’t provide a social safety net in any way and that a population that doesn’t succeed in the market should need some basic way to survive or we’s face huge social unrest. While America had social security and Medicare early on, we’ve dismantled their efficacy with a toothless, captured government while private sector has gained in power enormously in the form of multinational corporations the Founding Fathers all distrusted (they were no fans of the British East India Company).
I think we’ll have one or two more larger scale revolutions before people around the globe learn that consolidated power of any sort whether it comes from religions, the public masses (populism), government, corporations, or perhaps even science is dangerous.