Every decade, technology makes us dramatically more productive. Every decade, GDP growth slows. These two facts should not coexist — and understanding why they do reveals the defining economic tension of our era.
People have always been greedy. The difference is systems to encourage people to be useful to others so that greedy people have to provide something good to make more money
Good: legal systems that uphold contracts
Bad: regulatory capture where corps make money without doing anything useful
People have always been greedy. The difference is systems to encourage people to be useful to others so that greedy people have to provide something good to make more money
Good: legal systems that uphold contracts
Bad: regulatory capture where corps make money without doing anything useful