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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (739614)9/16/2013 2:06:13 PM
From: combjelly  Read Replies (2) of 1579117
 
And taxes were much higher and unions much stronger.

Markets were more competitive back then. More smaller players and fewer huge ones. But, as markets became less competitive and wealth more concentrated things started to slow down. Adam Smith nailed this centuries ago.

Our economy has come to be dominated by rent seeking. Those type of economies are almost as inefficient as command economies for similar reasons. In both, production and wealth creation are secondary to more arbitrary goals. Sooner or later growth starts to falter and the economy grows moribund.
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