Last year, I shared the most depressing PowerPoint slide in Danish history.
Back in 2011, I wrote about a depressing picture of tax complexity in America.
Let’s continue with the “depressing” theme today.
He starts with an observation and a query.
Profits are up. …is it good news for society?
The default answer presumably is yes. Higher profits, after all, generally are a sign of wise investments.
And when labor and capital are allocated wisely, that’s good news for consumers and workers.
But Bessen correctly observes that profits can increase for bad reasons, and that’s the focus of his research.
…the rise in profits might represent a decline in…economic dynamism. …Firms engage in political “rent seeking”—lobbying for regulations that provide…
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