Wo er Recht hat, hat sogar Paul Krugman Recht: the larger - TopicsExpress

Wo er Recht hat, hat sogar Paul Krugman Recht: the larger criticism of Mankiw’s piece is that it ignores the main reason we’re concerned about the concentration of wealth in family dynasties – the belief that it warps our political economy, that it undermines democracy. You don’t have to be a radical to share this concern; not only did people like Teddy Roosevelt openly talk about this problem, so (as Thomas Piketty points out) did Irving Fisher in his 1919 presidential address to the American Economic Association. What’s curious is that conservative economists are well aware of the danger of “regulatory capture”, in which public institutions are hijacked by vested interests, yet blithely dismiss (or refuse even to mention) the essentially equivalent problem of democratic institutions hijacked by concentrated wealth. I take regulatory capture quite seriously; but I take plutocratic capture equally seriously. And this is not an issue you can deal with by claiming that the benefits of capital accumulation trickle down to workers. If Mankiw wants to argue that the costs of any attempt to limit wealth concentration would exceed the benefits, fine. But “more capital is good” is not a helpful contribution to the discussion. krugman.blogs.nytimes/2014/06/24/sympathy-for-the-trustafarians/?_php=true&_type=blogs&module=BlogPost-Title&version=Blog%20Main&contentCollection=Opinion&action=Click&pgtype=Blogs®ion=Body&utm_source=Pieria+Subscribers&utm_campaign=c97595d3fe-Newsletter_15_23_2013&utm_medium=email&utm_term=0_deda1ba8c1-c97595d3fe-105409913&_r=0 Zum selben Thema gehört wohl (habe es noch nicht gelesen: nybooks/blogs/nyrblog/2014/jun/26/inequality-begins-at-birth/?utm_source=Pieria+Subscribers&utm_campaign=c97595d3fe-Newsletter_15_23_2013&utm_medium=email&utm_term=0_deda1ba8c1-c97595d3fe-105409913

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