4 ms·
>>Yet these assholes keep saying just trust me and let’s try more “free markets.” People don't listen to economists, and it's not "free markets" that are being
by CryptoPunk 5y ago
>>Yet these assholes keep saying just trust me and let’s try more “free markets.”
People don't listen to economists, and it's not "free markets" that are being tried. You're raging against a system where market rights have been increasingly encroached upon over the last century, as a result of politically instituted government interventions, that according to basic economics, reduce productivity growth, exacerbate income inequality, or both.
Two major examples:
1. The rapid rise of social democracy:
https://ourworldindata.org/grapher/social-spending-oecd-longrun https://ourworldindata.org/grapher/social-spending-oecd-long...
Which is feeding the emergence of a highly paid cadre of government workers:
https://www.hoover.org/research/140000-year-why-are-government-workers-california-paid-twice-much-private-sector-workers https://www.hoover.org/research/140000-year-why-are-governme...
To say nothing of the rapid expansion of the regulatory bureaucracy, and the barriers to competition it creates for major private sector incumbents, and highly paid consultants/lawyers/lobbyists who know how to navigate it.
2. The rapid increase in land-use restrictions in the major high-productivity population centers, which according to many analyses, has massively increased income inequality, while inhibiting productivity growth. E.g. this study estimates that reducing land-use restrictions in just three cities: New York, San Francisco and San Jose would increase GDP by 36.3 percent:
https://www.aeaweb.org/articles?id=10.1257/mac.20170388 https://www.aeaweb.org/articles?id=10.1257/mac.20170388
This finding was echoed by the White House's Council of Economic Advisers in 2016:
https://obamawhitehouse.archives.gov/sites/whitehouse.gov/files/images/Housing_Development_Toolkit%20f.2.pdf https://obamawhitehouse.archives.gov/sites/whitehouse.gov/fi...