This takes us to the central neoclassical economics story of the supposed efficiency of a competitive, capitalist, market system that goes back to the eighteenth century and Adam Smith, with little fundamental variation to today. Codified
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“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both.”
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“It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”
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“No country without a revolution or a military defeat and subsequent occupation has ever experienced such a sharp a shift in the distribution of earnings as America has in the last generation. At no other time have median wages of American men fallen for more than two decades. Never before have a majority of American workers suffered real wage reductions while the per capita domestic product was advancing.
Beside falling real wages, America's other economic problems pale into insignificance. The remedies lie in major public and private investments in research and development and in creating skilled workers to insure that tomorrow's high-wage, brain-power industries generate much of their employment in the United States.
Yet if one looks at the weak policy proposals of both Democrats and Republicans, ‘it is a tale, told by an idiot, full of sound and fury, signifying nothing.”
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Beside falling real wages, America's other economic problems pale into insignificance. The remedies lie in major public and private investments in research and development and in creating skilled workers to insure that tomorrow's high-wage, brain-power industries generate much of their employment in the United States.
Yet if one looks at the weak policy proposals of both Democrats and Republicans, ‘it is a tale, told by an idiot, full of sound and fury, signifying nothing.”
―
Dwight’s 2024 Year in Books
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