"properly accounting for market power, there is no productivity slowdown but instead an increase in productivity"https://twitter.com/robinhanson/status/899658771366129664 …
It seems to my amateur eyes that there may be a huge, critical phenomenon of fixed costs usually rising to eat rising rents... 1/?
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...maybe because company admins don't try hard to control costs if money seems easy & their corporation's existence is not threatened... 2/?
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...and this is my dominant hypothesis for cost disease eating the rents in colleges (via admins), hospitals (paperwork), maybe all over. 3/3
End of conversation
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