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View Diary: The Restoration of the Rentiers (21 comments)

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  •  Recced for spotlighting "rentiers" (3+ / 0-)
    Recommended by:
    arendt, Nada Lemming, isabelle hayes

    A great many people perceive no meaningful difference between profit-seeking and rent-seeking.

    When you are right you cannot be too radical; when you are wrong, you cannot be too conservative. --Martin Luther King Jr.

    by Egalitare on Tue Jan 15, 2013 at 06:28:23 PM PST

    •  The fact no one recognizes Michael Hudson... (2+ / 0-)
      Recommended by:
      Nada Lemming, isabelle hayes

      predicts the fact that no one knows the difference between profit-seeking and rent-seeking.

      The rentiers have spent 40 years buying the econ departments and staffing them with ghouls from the Chicago School. The result is an ignorance that serves our financial overlords.

      Very few people even know that "Nobel" Prize for economics is not awarded by the Nobel committee, but by the Bank of Sweden (hardly a disinterested observer); and that the prize was first awarded 1968. Just as the monetarist were ramping up their campaign to destroy Keynesianism (which had been highly successful up to that point).

      Nothing to see there. Move along.

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