The current set of rules generate dysfunctionality. But this dysfunctionality does not stem from a mismatch between the alleged needs of an intangible economy and contemporary institutions. Contemporary institutions serve the interests of IPR-rich firms and a small set of financial firms quite well, if we understand those interests as maximizing the volume of profit that those firms capture, and the diversion of those profits…
Read MoreWhat exactly is financialization? How does it relate to what’s happening in the rest of the economy? Does it hinder growth, and if so, how? At the end of the nineteenth century, many on both the left and right regarded finance as a vampire sucking the lifeblood out of “real” businesses, workers, and, in Britain’s settler colonies, local economies. Indeed, Stanford literature professor Franco Moretti has argued that the classic 1897 Bram Stoker novel Dracula…
Read MoreGovernment responses to Covid-19 will reshape the U.S. economy for the next decade. But why did America’s economy deliver such slow growth during the previous decade, as well as before the 2008 global financial crisis? Why has the U.S. economy consistently generated rising income inequality and sluggish investment for so long? Answering these questions helps…
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