Crony capitalism and redistribution

This is a thought piece. And so it’s going to be relatively) brief since I haven’t fleshed out all of my ideas here. But I want to run something by you based on a piece Matt Klein wrote over at FT Alphaville on macro policy. Let me point to the key extract from Matt’s piece on this: Here’s the gist of what Matt wrote, as I understand it. We have reached a point in advanced economies where macro really doesn’t grow the pie anymore and simply is a means of redistribution. Maybe, it’s because advanced economies are so rich already. Maybe there are other reasons that the benefits of macro tweaks to growth have diminished. No matter, the fact is a lot of people have believed we were optimizing in response to the trauma of 70s era stagflation by deregulating and promoting and defending free and...


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