Friday, October 10, 2014

Problems with "market triumphalism"

Market triumphalism confuses national income with national welfare; it ignores the positive returns to government insurance and government investment; it confuses life outcomes with the hand of Providence; and it justifies a distasteful narcissism and possessiveness toward all material goods. It enables the unreflective affluent to sleep at night, their consciousness assuaged by its message that their success is explained by their own admirable virtues alone.
That's a quote from Ed Kleinbard in his book We Are Better Than This: How Government Should Spend Our Money (2014) from a review by Jared Berstein, Edward Kleinbard’s “We Are Better Than This.” On the Economy 10/08/2014

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