> All major economic systems of all major national economies over the last century have perverse incentives. It’s not a capitalist thing.
It should be a lesson against dogmatic pursuit of absolutes: capitalism comes in a wide range of flavors, and the worst is if it’s completely unrestrained. Communism produced worse and worse results the further it got from any sort of public accountability, etc.
The two problems that I see is that the concept of nuance is somewhat at odds with having a simple concept to teach kids at school, and there’s always a group which is more motivated to game the system than the average person who really just wants to hang out with their friends, raise a family, etc. rather than play political games. Boeing didn’t start it by any means but they’ve benefited enormously from decades of reduced oversight and elevated pay driven by a sort of cartoon libertarianism where letting people get enormously rich will motivate them to build great things unfettered by “red tape”.
It should be a lesson against dogmatic pursuit of absolutes: capitalism comes in a wide range of flavors, and the worst is if it’s completely unrestrained. Communism produced worse and worse results the further it got from any sort of public accountability, etc.
The two problems that I see is that the concept of nuance is somewhat at odds with having a simple concept to teach kids at school, and there’s always a group which is more motivated to game the system than the average person who really just wants to hang out with their friends, raise a family, etc. rather than play political games. Boeing didn’t start it by any means but they’ve benefited enormously from decades of reduced oversight and elevated pay driven by a sort of cartoon libertarianism where letting people get enormously rich will motivate them to build great things unfettered by “red tape”.