No. Of course not. But my point was that we understood rent-seeking as a negative in Capitalism FROM THE OUTSET. You can’t criticise people today who point out that flaw in Capitalism on the basis of not “know[ing] history and economics”
The problem with this argument (when it’s used against capitalism) is that rent-seeking is fixed by more capitalism, at least when we don’t mean capitalism that’s made out of straws. It’s fixed by competition, transparency and fewer opportunities for lobbying. In other words, a smaller, more pro-markets governments.
Whatever. I don’t agree with you but that’s not the point. My point was that you can’t dismiss people making criticism about rent seeking as if they’re naive, as you did
Or not. Adam Smith - the father of Capitalism recognised the problem of Rent Seeking behaviour.
Fine point, but he’s not exactly the last person to write about free market capitalism.
No. Of course not. But my point was that we understood rent-seeking as a negative in Capitalism FROM THE OUTSET. You can’t criticise people today who point out that flaw in Capitalism on the basis of not “know[ing] history and economics”
The problem with this argument (when it’s used against capitalism) is that rent-seeking is fixed by more capitalism, at least when we don’t mean capitalism that’s made out of straws. It’s fixed by competition, transparency and fewer opportunities for lobbying. In other words, a smaller, more pro-markets governments.
Whatever. I don’t agree with you but that’s not the point. My point was that you can’t dismiss people making criticism about rent seeking as if they’re naive, as you did