Remapping Debate – review of “23 Things”December 7, 2010
I wish the book “23 Things They Don’t Tell You About Capitalism” had been available when I was a rookie; I would have been more alert to the hands-off-business catechism by which Americans are relentlessly indoctrinated. Like the conventional wisdom about efficient and just markets. As economist Ha-Joon Chang says disapprovingly of this dogma, we’re supposed to believe that markets produce maximally efficient outcomes (“because individuals know best how to utilize the resources they command”), and maximally just outcomes (“because the competitive market process ensures that individuals are rewarded according to their productivity”).
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