Yes, tweets from multi-billionaire investors can temporarily move single stocks by a dozen percentage points, but actions of central bankers can turn entire markets into multi-year bubbles and generate catastrophic business cycles. So much for the dangers of "concentrated economic power" as compared to those of concentrated political power.
And yet, the typical attitude of a layperson - or, worse still, a pseudo-professional - is to cry for ever more "regulation" of those who wield the former by those who wield the latter, as opposed to the other way around. So much for the persuasiveness of economically-informed comparative institutional analysis vis-a-vis the power of a large-scale Milgram effect combined with a large-scale Stockholm Syndrome.
This, my friends, sums up the extent of the intellectual, psychological, and cultural challenge we face. Best of luck to us all.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment