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Rule of law is what allows us to grow. Acemoglu won a nobel prize showing that institutions cause growth. Destroy institutions and you'll undershoot potential.
by JackYoustra 2y ago
Rule of law is what allows us to grow. Acemoglu won a nobel prize showing that institutions cause growth. Destroy institutions and you'll undershoot potential.
- thrance 2y agoPet peeve: there is no Nobel prize of economics, Alfred Nobel didn't include "economy" in his will. Instead there is a "Nobel Memorial Prize in Economic Sciences" whose purpose is to give credibility to the unscientific field of economics. The prize itself is mostly awarded to neoliberalists economists and does not often represent the majority views in the field.
- ctrlp 2y agoYATP: Yet Another Tool of Patronage.
- tovej 2y agoThe price is awarded exclusively to neoclassical economists, because it's effectively a marketing tool for neoclassical economics, which is the economic theory base of neoliberal shareholder capitalism.
- JackYoustra 2y agoYou can look at the economic experts panel to find the majority view of the field: https://www.kentclarkcenter.org/us-economic-experts-panel/ https://www.kentclarkcenter.org/us-economic-experts-panel/ and most nobel prize winners have majority support. If you have objections to acemoglu, please show me the majority of economists that object to him?
- JumpCrisscross 2y ago> there is no Nobel prize of economics It's commonly called the Nobel prize of economics. That it's not a classic Nobel prize is mostly finance jargon. > prize itself is mostly awarded to neoliberalists economists Source? The period in which neoliberal economics won the prize was when neoliberal economics was in vogue (and most successful and producing useful theories).
- alienthrowaway 2y agoThe "Fuck you, I got mine" mentality and short-termism has been festering for decades at many American institutions, such as for-profit companies. Openly selling the country short for personal benefit is just one small step after many hundreds of them to get where we are.
- zvorygin 2y agoWhen have the corporations ever not had a short-termist "Fuck you, I got mine" mentality in America?
- dmd 2y agoEver heard of Bell Labs?
- tombert 2y agoBell Labs was cool, but it was more or less just a part of AT&T wasn't it? The company that spent about a century with a near-monopoly on all telecommunications at great expense to basically everyone in America, and even eventually led to them being broken up into a few dozen separate companies.
- alienthrowaway 2y agoI'd say prior to Financialization, i.e. before the "greed is good" zeitgeist of the 1980s. When wages and salaries grew in tandem with increases in productivity.
- drawkward 2y ago>The "Fuck you, I got mine" mentality and short-termism has been festering for decades ...in American culture
- undersuit 2y agoWhich we export across the world. When we open up a widget factory in your non-US town it seeps in and takes hold.