The Coevolution of State Capability and Economic Development - Ricardo Hausmann

[@spiritofgoldfish]

The classical role of government is to tax away economic rents and use it to lower the cost of production. This is done through subsidies for such things as public infrastructure, education, and health care, not raising the cost of living and therefore the cost of labor, as with monopolistic privatization. The problem with economics as it is understood in America, is that there is no distinction between wealth production and wealth extraction. Production of goods and services speaks for itself, but monopolies and the banks (FIRE, finance, insurance, and real estate) extract what is called economic rent. The free market Adam Smith talked about is free FROM economic rent, not free FOR economic rent.

[@dgdatong]

Prof. I wish to kindly add that it is not only that you make words with the letters, depending of how complex, the letter combinations become phrases, some are sentences, some are even paragraphs

[@ginaelconstelmpoubou1986]

Great job profesor