Friday, September 23, 2016

Lars Syll on the political economy of inequality

Lars Syll - being especially grumpy today. Here's a good quote:

No one ought to doubt that the idea that capitalism is an expression of impartial market forces of supply and demand, bears but little resemblance to actual reality. Wealth and income distribution, both individual and functional, in a market society is to an overwhelmingly high degree influenced by institutionalized political and economic norms and power relations, things that have relatively little to do with marginal productivity in complete and profit-maximizing competitive market models [....]

In other words... economic rent?

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