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Why isn’t the unequal distribution of ex ante expected lifetime income—inequality of opportunity—conceptualized by us economists as the greatest of all market failures? And why isn’t the distribution of political power that creates & preserves a property order of unequal wealth seen as the greatest of all “regulatory capture by a special interest group” flaws in the working of society, economy, and the state?"….Conventional economics is based on ignoring embedded asymmetric power relationships stemming from class structure. Anyone who has the temerity to bring it up in the academy is considered at least a closet Marxist, someone that doesn't understand power. Discussion of money and power is ruled out.Grasping RealityRHETORICAL QUESTION: Why Do Economists Ignore þe Greatest of All Market
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Why isn’t the unequal distribution of ex ante expected lifetime income—inequality of opportunity—conceptualized by us economists as the greatest of all market failures? And why isn’t the distribution of political power that creates & preserves a property order of unequal wealth seen as the greatest of all “regulatory capture by a special interest group” flaws in the working of society, economy, and the state?"….Conventional economics is based on ignoring embedded asymmetric power relationships stemming from class structure. Anyone who has the temerity to bring it up in the academy is considered at least a closet Marxist, someone that doesn't understand power. Discussion of money and power is ruled out.Grasping RealityRHETORICAL QUESTION: Why Do Economists Ignore þe Greatest of All Market
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Mike Norman considers the following as important:
This could be interesting, too:
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Why isn’t the unequal distribution of ex ante expected lifetime income—inequality of opportunity—conceptualized by us economists as the greatest of all market failures? And why isn’t the distribution of political power that creates & preserves a property order of unequal wealth seen as the greatest of all “regulatory capture by a special interest group” flaws in the working of society, economy, and the state?"….
Conventional economics is based on ignoring embedded asymmetric power relationships stemming from class structure. Anyone who has the temerity to bring it up in the academy is considered at least a closet Marxist, someone that doesn't understand power. Discussion of money and power is ruled out.
Grasping Reality
RHETORICAL QUESTION: Why Do Economists Ignore þe Greatest of All Market Failures?
Brad DeLong | Professor of Economics, UCAL Berkeley