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we’re winning! or, we’re losing!

with one comment

Strange and a bit refreshing to see this from Brad Delong….

But, over the past generation, confidence in the “Kuznets curve” has faded. Social-democratic governments have been on the defensive against those who claim that redistributing wealth exacts too high a cost on economic growth, and unable to convince voters to fund yet another massive expansion of higher education.

On the private supply side, higher returns have not called forth more investment in people. America’s college-to-high-school wage premium may now be 100%, yet this generation of white, native-born American males may well wind up getting no more education than their immediate predecessors. And increasing rewards for those at the increasingly sharp peak of the income distribution have not called forth enough enterprising market competition to erode that peak.

The consequence has been a loss of morale among those of us who trusted market forces and social-democratic governments to prove Marx wrong about income distribution in the long run – and a search for new and different tools of economic management.

Never thought I’d see the day….

Written by adswithoutproducts

February 14, 2008 at 11:41 pm

Posted in economics, socialism

One Response

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  1. Wow.


    February 15, 2008 at 5:27 am

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