Post WW2 the capital base of the developed world was gone and so governments in the US extorted anyone who had immobile capital assets - if you have a factory, you were paying protection to the union and there was no alternative. The NYC rent control economy. 1/ https://twitter.com/trajan_decius/status/1210292359575080961 …
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NYC government decided that there were a lot more voters who rented than who owned buildings so they decided to give the renters a break on their rent at the expense of the building owners who couldn't take their investments with them. 2/
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Universities, on the other hand, are a direct product of bad incentives and are a pure loss. They have a monopoly on credentials and use that to extract money from everyone. This is fixable. Can't "fix" the fact that in the long run workers get paid their marginal product. 3/3
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Contd. American workers are pretty great and would do pretty well if allowed to actually collect their own marginal product. The problem is that there are loads of laws that don't permit people to make things b/c the prog priestly class finds making things offensive.
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Outsourcing isn't the problem; it's a symptom. The problem is lack of property rights in the US and anarcho-tyranny in business regulation that's built to only allow connected parties to operate businesses and to not allow anyone to operate manufacturing businesses.
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