Quotation

Economism

Bad Economics and the Rise of Inequality
For a society to become rich, competitive markets are not enough; there must also be pluralistic, democratic political institutions that prevent elites from monopolizing power, suppressing competitors, and seizing an excessive share of resources. In this model, inequality is not a harmless by--product. . .[it] creates the risk that economic elites will dominate the political process and use their power to cement their position in society.