Stiglitz on the US Economy

Originally posted by normbenign
I apologize for any appearance of arrogance. I responded to your questioning rent seeking on the basis of your frequent comments on urban landlords.

I am not sure what you want me to comment on with regards to Adam Smith's treatment of rents. If I ignore or simply miss something, it is because I don't log on here even daily.

I overreacted a bit, but I do that a lot on this forum. It entertains me, helps blow of a little steam.

You've told me to read Adam Smith twice now. The thing is, I've read Adam Smith, and he doesn't write about what you say he writes about. His book is online, full text, so it's easy to refer to it. So I find it annoying to be told to read Adam Smith when it's not even relevant.

Originally posted by no1marauder
Do you think the policies the US followed in the post-WWII era to about the mid 1970's were "Marxist"?

Stiglitz gave numerous examples where the wealthy are able to capture a greater share of economic resources because of government action. Surely you free marketers shouldn't have a problem with taking steps to end this.

All I know is that the middle class has been shrinking with all endless government regulatoins and laws and entitlements. Of course, the argument will be that it would have been worse had they not involved themselves and that they did not have enough regulations and laws and entitlements etc. Whatever.

I would say that the current government is a form of corporate Marxism. It's the best government money can buy.

Originally posted by whodey
All I know is that the middle class has been shrinking with all endless government regulatoins and laws and entitlements. Of course, the argument will be that it would have been worse had they not involved themselves and that they did not have enough regulations and laws and entitlements etc. Whatever.

I would say that the current government is a form of corporate Marxism. It's the best government money can buy.

"]All I know is that the middle class has been shrinking with all endless government regulatoins and laws and entitlements."


Stop it we know you are not that dense.

Your op sounds great to me. The problem is we have to depend on the people who created the mess in the first place (namely our government), to fix it. Tax loopholes are there because politicians sold out. Financial laws are weak because politicians sold out. They are selling us out now over the tax cuts.

Originally posted by AThousandYoung
I overreacted a bit, but I do that a lot on this forum. It entertains me, helps blow of a little steam.

You've told me to read Adam Smith twice now. The thing is, I've read Adam Smith, and he doesn't write about what you say he writes about. His book is online, full text, so it's easy to refer to it. So I find it annoying to be told to read Adam Smith when it's not even relevant.

Well, I just finished Wealth of Nations, which is a long and tedious read, but a whole lot of the first book is about the British system of renting land used for agriculture, still the primary industry of the time. Some of Smith's writing is so detailed about institutions so long gone, that one really has to concentrate hard to glean any meaning to today's world.

I'm not sure what I've said Smith wrote about which is in error. Let me know. If you want to know about pin making, it is there.