Joseph Stiglitz Says Standard Economics Is Wrong. Inequality and Unearned Income Kills the Economy – Evonomics

The rules of the game can be changed to reverse inequality

Source: Joseph Stiglitz Says Standard Economics Is Wrong. Inequality and Unearned Income Kills the Economy – Evonomics

 

Indeed, rent-seekers typically destroy wealth, as a by-product of their taking away from others. A monopolist who overcharges for her or his product takes money from those whom she or he is overcharging and at the same time destroys value. To get her or his monopoly price, she or he has to restrict production.