whooshMar 23, 2024

"Nobel Laureate economist Angus Deaton has delivered a ferocious rebuke to his own profession, saying economists have failed to understand that #capitalism is about #power."

"when efficiency comes with upward redistribution — frequently though not inevitably — our recommendations become little more than a license for plunder”

https://www.crikey.com.au/2024/03/12/nobel-laureate-economist-angus-deaton-capitalism-power/

"“We have largely stopped thinking about #ethics and about what constitutes human well-being."

Nobel laureate economist savages his own profession as clueless and unethical

Nobel Laureate economist Angus Deaton has delivered a ferocious rebuke to his own profession, saying economists have failed to understand that capitalism is about power.

Crikey
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@whoosh

"...unions raised wages for members and nonmembers, they were an important part of social capital in many places, and they brought political power to working people in the workplace and in local, state, and federal governments. Their decline is contributing to the falling wage share, to the widening gap between executives and workers, to community destruction, and to rising populism.”

Mar 24, 2024 at 3:54pmWeb