Heterodox
Neil Wilson posted the following at Bill Mitchell’s today. My point is that, under capitalism, if you can’t pay your costs from your income you go bust – which releases your market space for somebody who is either more productive, or more realistic in their pricing. Cheap labour and a systemic lack of jobs encourages undercutting – the parasite businesses Nick Hanaeur speaks of. “It is appealing to believe that the parasite economy will eventually correct itself. Or that a few high-road...
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