Food for thought. We've been bombarded with messages for at least 20 years about how markets and democracy have triumphed. Central planning is dead. Further we're constantly told that democracy is "on the march" and totalitarian governments can't survive. The intellectual descendants of Milton Friedman and Hayek like to assert that markets promote freedom and … Continue reading Do Markets Like Totalitarian Governments?
More on the concept of "guard labor" as an unproductive use of resources in a private property economy with strong inequality of income/wealth. This is from Perelman's blog, Unsettling Economics My article on Guard Labor is in the new issue of Dollars and Sense. It is extracted from my forthcoming book, The Invisible Handcuffs. http://www.dollarsandsense.org/archives/2010/0110toc.html … Continue reading Guard Labor « unsettling economics