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Economy
In reply to the discussion: Weekend Economists Stamp Out Ignorance December 27-29, 2013 [View all]snot
(10,525 posts)84. Good article. More:
. . . growing inequality menaces vigorous societies. It is a proxy for how effectively an elite has constructed institutions that extract value from the rest of society. Professor Sam Bowles, . . . . argues that inequality pulls production away from value creation to protecting and securing the wealthy's assets: one in five of the British workforce, for example, works as "guard labour" in security, policing, law, surveillance and forms of IT that control and monitor. The higher inequality, the greater the proportion of a workforce deployed as guard workers, who generate little value and lower overall productivity.
We need some kind of scorecard on economists' predictions! And only the ones who are right at least 50% allowed to talk.
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