Steve Keen Tweet – Rana Foroohah – If you want to kill the economy? Have MBA programs churn out takers not makers

Summary:
Left to itself, capitalism will devour itself and the system under performs which means we all get poorer. But not only have neoclassical economists under played the role of banking in the economy, they also believe that maximizing profits is always best for companies and the economy, even if it means in the long term there is under investment. China is doing the opposite and leaving us behind.After a few years of high profits, at the expense of the long term health of the company, CEO's can retire early because they have made a fortune, and with a great pension. The profit incentive is all wrong. Traditional conservatives would have understood this, who were always very prudent about money, delaying gratification today while saving their money for a rainy day and investing it for long

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

NewDealdemocrat writes The snooze-a-than in jobless claims continues; what I am looking for in tomorrow’s jobs report

Bill Haskell writes Monthly payments could get thousands of homeless people off the streets

Angry Bear writes A Doctor at Cigna Said Her Bosses Pressured Her to Review Patients’ Cases Too Quickly

Steve Roth writes How Did Under-40s Get So Much Richer During Covid?