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> It boggles the mind that anyone could have believed that replacing many of the core productive bits of the economy with fluff like management (and ownership),
by free_rms 6y ago
> It boggles the mind that anyone could have believed that replacing many of the core productive bits of the economy with fluff like management (and ownership), finance, and hospitality would lead to anything but weakness.
When the decision is largely made by the managerial and financier classes...
All of the "smartest people in the room" come through economics educations based on pat 2-line graphs and ricardian tables that make extremely grand claims about the world, and they all come out thinking the same way. They're not trying to be crooked, they're repeating what they were taught.
- onepointsixC 6y agoIt's mind-blowing how wrong they have been and yet continue to be turned to for major policy decisions and thought.
- free_rms 6y agoWho else you going to turn to? Someone who was drummed out of the club for questioning things that everyone knows?
- whimsicalism 6y agoThey haven't been universally "wrong" - just wrong for large segments of the population. Equities in America (which are majority owned by the wealthiest top 1%) have done great and the wealth of those at the top has multiplied several times over. Given that a quarter of all political contributions are donated by the wealthiest top 0.01% (no, not a typo - and 84% of politicians take more from the top 0.01% than all donors giving less than $200), it is entirely unsurprising to me that our policy reflects their priorities.