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People love to talk about ideology, but is what what economics should be about? Every major economy on the planet is a mixed economy. In China, government expen
by abeppu 2y ago
People love to talk about ideology, but is what what economics should be about? Every major economy on the planet is a mixed economy. In China, government expenditure and revenue are 33.1% and 25.5% of GDP respectively. In the US, the corresponding percentages are 38.5% and 32.9%. Neither totally free markets nor planned economies seem to work, and empirical research obliges economists to look at the economies we actually have.
https://en.wikipedia.org/wiki/List_of_countries_by_government_spending_as_percentage_of_GDP https://en.wikipedia.org/wiki/List_of_countries_by_governmen...
I think Piketty does kind of do what you're talking about -- and though he makes a good case, I think when he argues for concepts like universal inheritance, that's more an act of political advocacy than economic scholarship. It's for the economist qua economist to study/analyze the conditions under which the rich get richer, or where class mobility decreases, etc -- but it's up to people and governments to choose what they want society to look like.