Gallup’s new survey shows faith in capitalism at historic lows. That should alarm us all. The problem isn’t capitalism — it’s that we’ve forgotten what it really means.
This is happening because most economists are having difficulty understanding a digital economy and how it functions. When people do not know how the digital economy functions, they apply ideas which do not function.
It's not just the digital economy that many ECONOMISTS don't understand. Way too many of them don't understand the most basic concepts of market v. non-market transactions, incentives, and subjective value.
You'd expect that for laypeople, but it's a serious indictment of the profession that such ignorance could exist there. Laypeople have to get it somewhere else (from Vance!).
Exactly right. We just need freedom.
This is happening because most economists are having difficulty understanding a digital economy and how it functions. When people do not know how the digital economy functions, they apply ideas which do not function.
It's not just the digital economy that many ECONOMISTS don't understand. Way too many of them don't understand the most basic concepts of market v. non-market transactions, incentives, and subjective value.
You'd expect that for laypeople, but it's a serious indictment of the profession that such ignorance could exist there. Laypeople have to get it somewhere else (from Vance!).