Carolina QuotesWealth is... political power... and that's how we got from a democracy, to an oligarchy, to a plutocracy. Economists forgot completely about the need for countervailing power... and the oligarchs have taken over...
John Komlos Connected to the Carolinas
Source
No citation is recorded for this quotation.
- work
- A Progressive View on the Need for a Paradigm Shift in Economics (Dec 2020)
- year
- 2020
no citation recorded
Cite this record
“Wealth is... political power... and that's how we got from a…” John Komlos. Carolina Quotes, record CQ-284DEBC46C. https://carolinaquotes.com/quote/284debc46c
More from John Komlos
George Akerlof, Kenneth Arrow, Daniel Kahneman, Paul Krugman, Thomas Schelling, Herbert Simon, Robert Shiller, Joseph Stiglitz, Richard Thaler, and Oliver Williamson... these Nobel Prize winning economists... are usually excluded from mainstream Econ 101 textbooks or relegated to obscure footnotes. ...[I]ntroductory textbooks hype a free-market utopia ...Hence ...do not help to understand the essentials of the real existing market economies... Rather, they present a caricature at a level of abstraction that creates a fantasy world and distorts the student's vision... [A] stereotype that markets are efficient... automatically leading to a blissful life, and they continue to sing the praises... keeping any demurrals muted.
[T]here are better ways to measure progress than in terms of money.
[T]he current system depends too much on luck. If you choose your parents right and you live in a decent neighborhood, you can grow up and become a productive member of the society... and John Rawls argues that... [luck] cannot be the basis of a just society.