For much of the past three decade we have seen the opposite, so the household share of the rapidly growing pie has contracted while the state share has expanded. This must be reversed.

In my Far from Equilibrium Economics and Finance course, the first two articles I have my PhD students read are Friedrich von Hayek’s Economics and Knowledge (1937) and The Use of Knowledge in Society (1945) , von Hayek’s classic papers that describe a market economy as a solution to the division of knowledge problem. The third article I have them

As we have seen, ultra-low interest rates facilitated corporate mergers and borrowing, thereby boosting Wall Street’s income. Inflated asset prices raised the incomes of hedge fund managers and other asset managers.40 Rather than investing in real assets, companies used debt to buy back their shares. The finance sector’s share of the economic pie g