Neoliberalism’s Final Stronghold
The intro & a link to my April Project Syndicate column: expressing my annoyance at the London Economist's belief that laissez-faire is still the proper policy in an economy rife with externalities...
Neoliberalism’s Final Stronghold
Apr 27, 2023 J. BRADFORD DELONG
As the world moves on from four decades of neoliberalism, the Economist remains faithful to the orthodoxy of Margaret Thatcher, Ronald Reagan, and the Washington Consensus. But addressing the US economy’s many problems will be impossible if Americans blame them on the government.
BERKELEY – The past decade has not been kind to neoliberalism. With 40 years of deregulation, financialization, and globalization having failed to deliver prosperity for anyone but the rich, the United States and other Western liberal democracies have seemingly moved on from the neoliberal experiment and re-embraced industrial policy. But the economic paradigm that underpinned Thatcherism, Reaganomics, and the Washington Consensus is alive and well in at least one place: the pages of the Economist… continued
Good piece Brad.
Not related: GPT isn't auto-correctionmon steroids. Auto-correct works. It's history's most awesome lorem ipsum generator. I really, so far, am not seeing the productivity improvement that doesn't amount to, 'well, I was writing crappy stuff anyway so now it goes way faster.'
The amount of dead horse-beating involved in trying to get it to work without error reminds me of crypto in that it will be real money someday.
elm
elon musk is a real boy now
"The underlying claim appears to be that while market failures caused by externalities are bad, the
potential consequences of government policies aimed at correcting them are worse." This is not just neoliberalism; it is George Stigler's version of it.