Slouching towards economic utopia (with Brad DeLong)
Pitchfork Economics with Nick Hanauer
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Is the Purpose of Economics to Maximize Production?
Economics is a social science, and we're just in the business of maximizing production. It has held us back over the last 40 or 50 years. So it will leave no wealth on the table that anything you can do to increase wealth. The problem with the first welfare function is that if you then ask, well, you know, what is the distribution of income that accompanies that wealth maximizing results? You'll find one in which your weight in society is more or less proportional to your wealth. That is a market send used to put it in 1942 the market economy of Bengal was maximizing the value of production.
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