{"id":23200,"date":"2017-03-09T20:17:23","date_gmt":"2017-03-10T01:17:23","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23200"},"modified":"2017-03-09T20:17:23","modified_gmt":"2017-03-10T01:17:23","slug":"nobel-prize-winning-economist-blasts-americas-rent-seeking-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23200","title":{"rendered":"Nobel Prize Winning Economist Blasts America\u2019s \u2018Rent-Seeking\u2019 Economy"},"content":{"rendered":"
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Nobel Prize Winning Economist Blasts America\u2019s \u2018Rent-Seeking\u2019 Economy<\/a><\/h3>\n<\/header>\n
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I\u2019m really grateful Angus Deaton was willing to come out and state the obvious. That is, the fact this economy isn\u2019t what we\u2019ve been told. In reality, it\u2019s largely a\u00a0rent-seeking based system, in which\u00a0a meaningful percentage\u00a0of the people who earn the most money are not only\u00a0not adding value to society, they\u2019re in fact\u00a0parasites feeding off the general public.<\/p>\n

Market Watch<\/em><\/a>\u00a0reports:<\/p>\n

Income inequality is not killing capitalism in the United States, but rent-seekers like the banking and the health-care sectors just might, said Nobel-winning economist Angus Deaton on Monday.<\/em><\/p>\n

If an entrepreneur invents something on the order of another Facebook, Deaton said he has no problem with that person becoming wealthy.<\/em><\/p>\n

\u201cWhat is not OK is for rent-seekers to get rich,\u201d<\/strong>\u00a0Deaton said in a luncheon speech to the National Association for Business Economics.<\/em><\/p>\n

Rent seekers lobby and persuade governments to give them special favors.\u00a0<\/em><\/p>\n

Bankers during the financial crisis, and much of the health-care system, are two prime examples, Deaton said.<\/em><\/p>\n

Rent-seeking not only does not generate new product, it actually slows down economic growth, Deaton said.<\/em><\/strong><\/p>\n

\u201cAll that talent is devoted to stealing things, instead of making things,\u201d he said.<\/em><\/strong><\/p>\n

Another prime example of rent-seeking is that the Medicaid is funding opioid prescriptions for low-income workers, Deaton said. The results are workers who are becoming addicted and overdosing while profits are going to the Sacker family which owns Purdue Pharma that makes OxyContin.<\/em><\/p><\/blockquote>\n

But Jeff Sessions swears it\u2019s all the fault of the evil marijuana.<\/p>\n

Deaton said he favors a single-payer health system only because our current part-private and part-public system is exquisitely designed to give opportunities for rent-seeking.<\/em><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nobel Prize Winning Economist Blasts America\u2019s \u2018Rent-Seeking\u2019 Economy I\u2019m really grateful Angus Deaton was willing to come out and state the obvious. That is, the fact this economy isn\u2019t what we\u2019ve been told. In reality, it\u2019s largely a\u00a0rent-seeking based system, in which\u00a0a meaningful percentage\u00a0of the people who earn the most money are not only\u00a0not adding […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[14987,14988,4285,11497,6174,1032],"class_list":["post-23200","post","type-post","status-publish","format-standard","hentry","category-economics","tag-angus-deaton","tag-jeff-sessions","tag-liberty-blitzkrieg","tag-market-watch","tag-michael-krieger","tag-rent-seeking"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23200"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23200\/revisions"}],"predecessor-version":[{"id":23201,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23200\/revisions\/23201"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}