CHARLES CALOMIRIS + STEPHEN HABER ~ FRAGILE BY DESIGN ~ 2014

~ TGOBB ~ The Game Of Bank Bargains

~ NBWS-A-NSWB ~ No Banks Without States – And – No States Without Banks

~ I-SAEB-A-SAGI-WATSR? ~ If – Stable And Efficient Banks – Are – Such A Good Idea – Why Are They So Rare?

~ TN-RDOBC ~ The Non-Random Distribution Of Banking Crises

~ TCBNBSWTPPOTS ~ There Can Be No Banking Systems Without The Police Power Of The State

~ TITBSCEOASOGRISALFT ~ The Idea That Banking Systems Can Exist Outside A System Of Government Regulation Is Simply A Libertarian Fairy Tale

~ TINE–TGOBB-PAIIBR ~ There Is No Escaping – The Game Of Bank Bargains – Politics Always Intrudes Into Bank Regulation

~ A-B-I-B-D-APUE-TIA-B-TNFOB-DOTSOPRTOGCP-BNPG ~ A – Bank – Is – By – Design – A Potentially Unstable Enterprise – This Instability Arises – Because – The Normal Functioning Of Banks – Depends On Three Sets Of Property Rights That Only Government Can Provide – Banks Need Powerful Governments

~ B-AAAP-A-AHB ~ Banking – Is All About Politics – And – Always Has Been

~ ABCSDT-ISHLLOOLP-O-TG-COT-IDSB-GP-T-BC-A-ETI-C ~ A Bank Cannot Simply Declare That – Its Shareholders Have Limited Liability Or Other Legal Protections – Only – The Government – Can Offer These – It Does So By – Granting Privileges – Through – Bank Charters – And – Enforcing Them In – Courts

~ TRT-TAOLHTBFBOIB-IS-TPWAATRTG-RTALS-DNHTOTAA ~ The Reason That – Taxpayers Are Often Left Holding The Bag For Bailing Out Insolvent Banks – Is That – The People Who Are Arranging The Rules That Govern – Risk Taking And Loss Sharing – Do Not Have To Obtain Taxpayers’ Active Agreement

~ TITE-CR-AETCAM ~ The Institutions That Enforce – Contract Rights – Are Expensive To Create And Maintain

~ TIA-SER-C-WROL(CGBA)-IL-A-SCG ~ There Is A – Strong Empirical Relationship – Connecting – Weak Rule Of Law (Countries Governed By Autocrats) – Insider Lending – And – Slow Credit Growth

~ T-AASO-RE-F-TBS-OWTI-DI-O-GBOB ~ Taxpayers – Are A Source Of – Rent Extraction – From – The Banking System – Only When There Is – Deposit Insurance – Or – Government Bailouts Of Banks

~ ENHSFOG-CB-CBAN-SEAOFATST-RTPS-1600-TTICBBHTATIOTTGCTTCOAVS:R-M-A-F ~ Every Nation-State Has Some Form Of Government-Chartered Bank – Chartered Banks And Nation-States Emerged As Organizational Forms At The Same Time – Roughly The Period Since – 1600 – The Two Institutions Coevolved Because Banks Helped To Align The Incentives Of The Three Groups Crucial To The Creation Of A Viable State: Rulers – Merchants – And – Financiers

~ MCBEASE:MISAE-CENTTFTAW-A-MAADNTTHSTPO ~ Modern Chartered Banks Evolved As States Evolved: Monarchs In Seventeenth- And Eighteenth-Century Europe Needed Them To Finance Trade And War – And – Modern Autocracies And Democracies Need Them To Help Sustain The Political Order

~ TCBWNIO:IWTOOALSO-IE-I-TIONKOC-SA-DAABOE-A-TCONFO-PO-SA-TJ-SC ~ The Chartered Bank Was Not Invented Overnight: It Was The Outcome Of A Long Series Of – Institutional Experiments – Including – The Invention Of New Kinds Of Contacts – Such As – Debt Annuities And Bills Of Exchange – And – The Creation Of New Forms Of – Property Ownership – Such As – The Joint-Stock Company

~ RWAIGFBTWDWAUCOL ~ Rulers Would Act In Good Faith Because They Were Dealing With A Untied Coalition Of Lenders

~ J-SCAACFTR: BEIC(1600)-DEIC(1602)-DWIC(1621)-HBC(1670)-MC(1684) ~ Joint-Stock Companies And A Charter From The Ruler: British East India Company (1600) – Dutch East India Company (1602) – Dutch West India Company (1621) – Hudson Bay Company (1670) – Mississippi Company (1684)

~ ORHUTIO-T-C-J-SC-AAWTFTCOAOE-TRTTCS-MC-FABROOAOS-TC-IE-CTBOSI-SF-EOWW-G-PVP ~ Once Rulers Hit Upon The Idea Of – The – Chartered – Joint-Stock Company – As A Way To Finance The Creation Of An Overseas Empire – They Realized That They Could Sell – Monopoly Charters – For A Broad Range Of Other Activities Of State – They Could – In Effect – Carve The Business Of State Into – Separate Franchises – Each Of Which Was – Given – Particular Valuable Privileges

~ TDOTCBWDBTEN:TFTOILD-A-TFWTWIBAL ~ The Development Of The Chartered Bank Was Driven By Two Essential Needs: To Finance Trade Over Increasingly Long Distances – And – To Finance Wars That Were Increasingly Bloody And Long

~ TCOTCBAAFIOTMSSGRTAFI:F(P)M ~ The Creation Of The Chartered Bank As A Fundamental Institution Of The Modern State Soon Gave Rise To Another Fundamental Innovation: Fiat (Paper) Money

~ CBCTPMGRIESATCOTIGSDTGD-GIVTATEIAMPIOT-PEAMSP-RTPPTMPCWMAFIVOTC ~ Central Banks Came To Play Much Greater Roles In Economic Stabilization After The Collapse Of The Intentional Gold Standard During The Great Depression – Governments Increasingly Valued The Ability To Engage In Activist Monetary Policy In Order To – Promote Employment And Maintain Social Peace – Rather Than Passively Pursue The Monetary Policy Consistent With Maintaining A Fixed International Value Of Their Currency

~ SMBABMS ~ States Made Banks And Banks Made States

~ T-IR-HISO-TRIPF-NBOI ~ The – Industrial Revolution – Happened In Spite Of – The Revolution In Public Finance – Not Because Of It

~ IIGBBE-T-ACBTEAMOTCOFC-A-ICWVISIPOMO-WFTOB-WIINAC-AAPEWTMOSR ~ It Is Generally Believed By Economists – That – A Central Bank That Enjoys A Monopoly Over The Creation Of Fiat Currency – And – Is Charged With Varying Its Supply In Pursuit Of Macroeconomic Objectives – Will Fulfill Those Obligations Better – When It Is Not Also Charge – As A Private Entity With The Maximization Of Shareholder Returns

~ BCDJH-BSASTCWTCAMIC:B-TOSRITLAOI-A-HICOTBSTATLAWTRLAI ~ Banking Crises Don’t Just Happen – Banking Systems Are Susceptible To Collapse When Two Conditions Are Met In Combination: Banks – Take On Sufficient Risk In Their Loans And Other Investments – And – Have Inadequate Capital On Their Balance Sheets To Absorb The Losses Associated With Those Risky Loans And Investments

~ TPOAPC-IPTPT-GAPOTGAWST-[S]H-K-INITL-RPI-B-III-[H]H-OS-TI ~ The Power Of A Political Coalition – Is Precisely The Power To – Get A Public Official To Go Along With Something That – [S/]He – Knows – Is Not In The Long-Run Public Interest – Because – It Is In – His[/Her] – Own Short-Term Interest

~ B-PBIAETIIUBITTP:IDUITTOPACBTMFOOPRTFOHOPIESCC ~ Blame – Placing Blame Is An Enterprise That Is Inherently Unproductive Because It Trivializes The Problem: It Distracts Us Into Thinking That Our Problems Are Caused By The Moral Flaws Of Other People Rather Than Focusing On How Our Political Institutions Encourage Socially Costly Coalitions

~ TROTM-T-B-T-F-P-BAIS-TS-EBLB

~ The Rise Of The Megabanks – Too-Big-Too-Fail – Protection – Became An Increasingly Significant – Taxpayer Subsidy – Enjoyed By Large Banks

~ WATHFODE ~ Warnings Appear To Have Fallen On Deaf Ears

~ T-TOMDTB-TSC-RFAF-TWOLTMMRMTTHMB ~ The – Tsunami Of Mortgage Defaults That Became – The Subprime Crisis – Reflected First And Foremost – The Willingness Of Lenders To Make Much Riskier Mortgages Than They Had Made Before

~ RF-TPWNALOR-JPAPOIR ~ Regulatory Failure – The Problem Was Not A Lack Of Regulation – Just Piles And Piles Of Ineffectual Regulation

~ WGTTMTRNCWYACTTGIGTBYO? ~ Why Go To The Markets To Raise New Capital When You Are Confident That The Government Is Going To Bail You Out?

~ RAAOTPEIWTO ~ Regulators Are Aware Of The Political Environment In Which They Operate

~ BFAC:TCTTMMTO-FW-BSOH-QLAOFOATMTLORTWTTAACC-O-TCTWRBEAWREAAGGSN ~ Bankers Faced A Choice: They Could Try To Make Money The Old-Fashioned Way – By Seeking Out High-Quality Lending And Other Financial Opportunities And Then Matching The Level Of Risk They Were Taking To An Appropriate Capital Cushion – Or – They Could Take Wild Risks By Exploiting A Weak Regulatory Environment And A Generous Government Safety Net

~ T-T-B-T-F-P-P:I-IHNBC ~ The – Too-Big-To-Fail – Problem – Persists: Indeed – It Has Now Be Codified

~ RIAPOMH ~ Reality Is A Plague On Many Houses

ROBERT HOLDEN ~ BE HAPPY ~ 2009

~ WYWFHYARWTBTMLPYCB ~ When You Wish For Happiness You Are Really Wishing To Be The Most Loving Person You Can Be

~ MPDNRNT;TNC ~ Most People Do Not Really Need Therapy; They Need Clarity

~ YDOHIEOSDIYL ~ Your Definition Of Happiness Influences Every Other Significant Decision In Your Life

~ UYCAAOJ-NAOPOSCMYH ~ Unless You Cultivate An Awareness Of – Joy – No Amount Of Pleasure Or Satisfaction Can Make You Happy

~ NITWCMYH-B-EITWCEYTBH ~ Nothing In The World Can Make You Happy – But – Everything In The World Can Encourage You To Be Happy

~ HIASP-TMYLATH-TMYDTTOWYA-WII-A-WYLIRF ~ Happiness Is A Spiritual Path – The More You Learn About True Happiness – The More You Discover The Truth Of Who You Are – What Is Important – And – What Your Life Is Really For

~ FALAYDTJOYB-YEAYPWNBSOPWTW ~ For As Long As You Deny The Joy Of Your Being – Your Ego And Your Personality Will Never Be Completely Satisfied Or Pleased With The World

~ YANHTFH;YAHTEI ~ You Are Not Here To Find Happiness; You Are Here To Extend It

~ YAI-P-W-I-MWL-A-BWJ-A-SIEE ~ You Are Inspiration-Packed – Wisdom-Infused – Made With Love – And – Blessed With Joy – And – So Is Everyone Else

~ HIEYSWJAOWL ~ Happiness Is Experiencing Your Self Without Judgment And Only With Love

~ EWH-A-EWLTBH-A-EIATTLTOH ~ Everyone Wants Happiness – And – Everyone Would Like To Be Happier – And – Everyone Is Aware That They Limit Their Own Happiness

~ FOU ~ Fear Of Unhappiness

~ HINTAOS;HITCTFS-A-TFIW-L-N-F ~ Happiness Is Not The Absence Of Sadness; Happiness Is The Capacity To Face Sadness – And – To Face It With – Love – Not – Fear

~ TGOFYUITCTBH ~ The Gift Of Facing Your Unhappiness Is The Chance To Be Happier

~ FYJ ~ Follow Your Joy

~ YCCA-A-IINTL-TCTETM-A-TCABF ~ You Can Choose Again – And – It Is Never Too Late – To Choose To Enjoy This Moment – And – To Choose A Better Future

~ HI-AJWAD-AJTTNT-AJTHABM ~ Happiness Is – A Journey Without A Distance – A Journey That Takes No Time – A Journey That Has Already Been Made

~ Y-DNDH-B-HIF-TANC ~ You – Do Not Deserve Happiness – Because – Happiness Is Free – There Are No Conditions

~ FOH ~ Fear Of Happiness

~ TEU-T ~ The Ego U-Turn

~ GIDHBIBBTGATR ~ Gratitude Is Double Happiness Because It Blesses Both The Giver And The Receiver

~ WDIRV? ~ What Do I Really Value?

~ IYTSIMIYL-IIPY ~ If You Think Something Is Missing In Your Life – It Is Probably You

~ YARN-RTYHEB-TRABH ~ You Are Ready Now – Readier Than You Have Ever Been – To Receive And Be Happy

~ FALAYDNR-YWBATGEL ~ For As Long As You Do Not Receive – You Will Be Afraid That Giving Equals Loss

~ AHJ ~ A Happiness Journal

~ SPLTELIRTTPDOH-A-TNDWTHIFT ~ Some People Live Their Entire Lives In Reaction To Their Parents’ Definitions Of Happiness – And – They Never Discover What True Happiness Is For Them

~ HIITCWMWOAWEO ~ Happiness Is In The Connections We Make With Ourselves And With Each Other

~ TCBNFOSTFTHAUT-NCTBAFOPFCH ~ There Can Be No Form Of Suffering That Fails To Hide An Unforgiving Thought – Nor Can There Be A Form Of Pain Forgiveness Cannot Heal

~ SIOTBHITPMYHTBWTGUAHFABP ~ Sometimes In Order To Be Happy In The Present Moment You Have To Be Willing To Give Up All Hope For A Better Past

~ FIR-IRYTY ~ Forgiveness Is Restoration – It Returns You To Yourself

~ TMYLTC-TMYWFTCA-W?-PIP-YASWYLF-T-TFROPI-BCWYLF-BYWFI ~ The More You Like To Complain – The More You Will Find To Complain About – Why? – Perception Is Projection – You Always See What You Look For – Thus – The First Rule Of Perception Is – Be Careful What You Look For – Because You Will Find It

~ FTP ~ Finding The Present

~ HMIATYWYMYATI ~ Happiness Makes Itself Available To You When You Make Yourself Available To It

~ LDHTY;IHFY ~ Life Doesn’t Happen To You; It Happens For You

~ TBO ~ The Beautiful Ordinary

~ HCIMTEMETITIWGTB? ~ How Can I Make Today Even More Enjoyable Than I Thought It Was Going To Be?

~ BHIGUARTH ~ Being Happy Is Giving Up All Resistance To Happiness

~ HIGUARTY ~ Happiness Is Giving Up All Resistance To Yourself

~ HIGUARTUJ ~ Happiness Is Giving Up All Resistance To Unreasonable Joy

~ TGOH ~ The Gift Of Happiness

~ YCNBH-B-YCABH ~ You Can Never Become Happy – But – You Can Always Be Happy

~ IIBTWISFOSTYHIAG ~ It Is Because The World Is So Full Of Suffering That Your Happiness Is A Gift

~ TBHITL-TLITBH ~ To Be Happy Is To Love – To Love Is To Be Happy

~ WYWHFA-YWHFA-A-YWIFY ~ When You Wish Happiness For Another – You Wish Happiness For All – And – You Wish It For Yourself

JOHANN HARI ~ NINE CAUSES DISCOVERED ~ LOST CONNECTIONS ~ 2018

~ DFMW ~ Disconnection From Meaningful Work

~ DFOP ~ Disconnection From Other People

~ DFMV ~ Disconnection From Meaningful Values

~ DFCT ~ Disconnection From Childhood Trauma

~ DFSAR ~ Disconnection From Status And Respect

~ DFTNW ~ Disconnection From The Natural World

~ DFAHOSF ~ Disconnection From A Hopeful Or Secure Future

~ TRROG ~ The Real Role Of Genes

~ TRROBC ~ The Real Role Of Brain Changes

JOHANN HARI ~ LOST CONNECTIONS ~ BLOOMSBURY ~ 2018

~ HCISBDWIWTA? ~ How Can I Still Be Depressed When I Was Taking Antidepressants?

~ WWSMMPAFDASA? ~ Why Were So Many More People Apparently Feeling Depressed And Severely Anxious?

~ ETCAIIDACAIIA-A-TOWA-TRAFT ~ Everything That Causes An Increase In Depression Also Causes An Increase In Anxiety – And – The Other Way Around – They Rise And Fall Together

~ TFTAMSOUDASAA-ATST-MEMPU-ITOTIACBUAD ~ The Forces That Are Making Some Of Us Depressed And Severely Anxious Are – At The Same Time – Making Even More People Unhappy – It Turns Out There Is A Continuum Between Unhappiness And Depression

~ AS-WYLTTPAYSIIIC-IWPYTAWF ~ And Sometimes – When You Listen To The Pain And You See It In Its Context – It Will Point You To A Way Forward

~ WIDI-IF-AFOG-FOOLNBATS?-WIIIAFOGFTCWHL-YSN? ~ What If Depression Is – In Fact – A Form Of Grief – For Our Own Lives Not Being As They Should? – What If It Is A Form Of Grief For The Connections We Have Lost – Yet Still Need?

~ ‘CDIAURTA’ ~ “Clinical Depression Is An Understandable Response To Adversity”

~ WALSH-WWSTSS-O-WSHHTU-B-ITSOTBEASOALP-WYGI-‘TGOH’ ~ We All Lose Some Hope – When We’re Subjected To Severe Stress – Or – When Something Horrible Happens To Us – But – If The Stress Or The Bad Events Are Sustained Over A Long Period – What You Get Is – “The Generalization Of Hopelessness”

~ EOO-TSAPCODAA-HSIC-TAAFO-D-TAAWIWWHBCOFSWINBSTHLATW ~ Every One Of – The Social And Psychological Causes Of Depression And Anxiety – Has Something In Common – They Are All Forms Of – Disconnection – They Are All Ways In Which We Have Been Cut Off From Something We Innately Need But Seem To Have Lost Along The Way

~ WDOT-WEOAE-TSIHCLA-A-TATLMUFT ~ We Disbanded Our Tribes – We Embarked On An Experiment – To See If Humans Can Live Alone – And – This Approach To Life Makes Us Feel Terrible

~ OSOHHSSFASFINLMONFASOB-SWAHEWWAAH ~ Our Sense Of Home Has Shrivelled So Far And So Fast It No Longer Meets Our Need For A Sense Of Belonging – So We Are Homesick Even When We Are At Home

~ SM-CCUPFWWHL-SL ~ Social Media – Can’t Compensate Us Psychologically For What We Have Lost – Social Life

~ FTOY-PHBST-IYOMAP-O-IYTALMITOHYLTOP-YWBU ~ For Thousands Of Years – Philosophers Had Been Suggesting That – If You Overvalue Money And Possessions – Or – If You Think About Life Mainly In Terms Of How You Look To Other People – You Will Be Unhappy

~ I-W-G-T-R-TMYTLIAHSASASIO-TMU-A-TMDAA-YWB ~ I-Want-Golden-Things Rule – The More You Think Life Is About Having Stuff And Superiority And Showing It Off – The More Unhappy – And – The More Depressed And Anxious – You Will Be

~ TMUYS-TMPAFOMIA-SAISTBDUDAA ~ The More Unequal Your Society – The More Prevalent All Forms Of Mental Illness Are – Something About Inequality Seems To Be Driving Up Depression And Anxiety

~ TPEOBCOFTNWHOBTBS ~ The Psychological Effects Of Being Cut Off From The Natural World Have Only Begun To Be Studied

~ TSEICTESRDAA ~ The Scientific Evidence Is Clear That Exercise Significantly Reduces Depression And Anxiety

~ FWANL-YHASTYAYCAVS-ATWIVG-A-TSCSTEDTAMS ~ Faced With A Natural Landscape – You Have A Sense That You And Your Concerns Are Very Small – And The World Is Very Big – And – That Sensation Can Shrink The Ego Down To A Manageable Size

~ ASOAPFPY-BWIITA-ICFLYPWNGA ~ A Sense Of A Positive Future Protects You – But – When It Is Taken Away – It Can Feel Like Your Pain Will Never Go Away

~ SHIASGOSOGFDOA ~ Scientists Haven’t Identified A Specific Gene Or Set Of Genes For Depression Or Anxiety

~ TC-CCAPOWY-‘N-TBH-TAT-JV-T-DFWWYAN ~ The Culture – Can Create A Picture Of What You – “Need” – To Be Happy – Through All The – Junk Values – That – Doesn’t Fit With What You Actually Need

~ FALT-DAAP-HBTTD-INR-TIIJL-O-W-O-S-I ~ For A Long Time – Depressed And Anxious People – Have Been Told Their Distress – Is Not Real – That It Is Just Laziness – Or – Weakness – Or – Self-Indulgence

~ I-D-ITMDOODAA-WNTFWT-R ~ If – Disconnection – Is The Main Driver Of Our Depression And Anxiety – We Need To Find Ways To – Reconnect

~ ESIWRTSODAOJASWSWANOPAAU-WWFD ~ Evidence Suggests If We Return To Seeing Our Distress And Our Joy As Something We Share With A Network Of People All Around Us – We Will Feel Different

~ ‘SP’ ~ “Social Prescribing”

~ ‘TH’ ~ “Therapeutic Horticulture”

~ INTWITMYS-ITF-OBC-OBAMCIAS-TNMHHYWYBTJTSANWN-A-OBAL-SPWDM ~ It’s Not The Work Itself That Makes You Sick – It’s The Feeling – Of Being Controlled – Of Being A Meaningless Cog In A System – That No Matter How Hard You Work You’ll Be Treated Just The Same And Nobody Will Notice – And – Of Being A Low-Status Person Who Doesn’t Matter

~ WYHNSOYW-IBDAM ~ When You Have No Say Over Your Work – It Becomes Dead And Meaningless

~ EYB ~ Elect Your Boss

~ ‘TBC’ ~ “Take Back Control”

~ JV-ATTLOTGAAD ~ Junk Values – A Trap That Leads Only To Greater Anxiety And Depression

~ WCYBH-FOP-A-FY? ~ Why Can’t You Be Happy – For Other People – And – For Yourself?

~ CTMYFMLTBDOSAAAA ~ Childhood Trauma Makes You Far More Likely To Be Depressed Or Severely Anxious As An Adult

~ H-PABRI-D ~ Humiliation – Plays A Big Role In – Depression

~ SOAPOY-A-TID-PYL ~ Sealing Off A Part Of Yourself – And – Thinking It’s Disgusting – Poisons Your Life

~ UBI-IOUANTCPWTF-RTFOWES ~ Universal Basic Income – Instead Of Using A Net To Catch People When They Fall – Raise The Floor On Which Everyone Stands

~ IIAW-EFT-TPYA-TMLYATBDOA-A-TMLYATBSIAEW ~ It Is A Well-Established Fact That – The Poorer You Are – The More Likely You Are To Become Depressed Or Anxious – And – The More Likely You Are To Become Sick In Almost Every Way

~ UBI-OOTMIAFTT-FC-ATM-IADG-B-ECPSOAAUD ~ Universal Basic Income – One Of The Most Important Antidepressants For The Twenty-First Century – At The Moment – It’s A Distant Goal – But – Every Civilizing Proposal Started Off As A Utopian Dream

~ IYHATIYHTYTWCDWTSCODAA-YSSAR-TASOTDAAI ~ If You Hear A Thought In Your Head Telling You That We Can’t Deal With The Social Causes Of Depression And Anxiety – You Should Stop And Realize – That’s A Symptom Of The Depression And Anxiety Itself

~ YNTRASYMFFHBM ~ You Need To Release Any Shame You Might Feel For Having Been Mistreated

~ IAWTTTNSTAS-TITODAAHSCWSI-B-ITO-WASLIAS-EIWPWA-TLFCNGA ~ In A World That Thinks There’s No Such Thing As Society – The Idea That Our Depression And Anxiety Have Social Causes Will Seem Incomprehensible – But – It Turns Out – We Are All Still Living In A Society – Even If We Pretend We Aren’t – The Longing For Connection Never Goes Away

~ DAAM-IOW-BTSRYH-IAS-S-YSHTLTW-A-IYAHTFABP-YWBMOOSMTIBABH ~ Depression And Anxiety Might – In One Way – Be The Sanest Reaction You Have – Its A Signal – Saying – You Should Have To Live This Way – And – If You Aren’t Helped To Find A Better Path – You Will Be Missing Out On So Much That Is Best About Being Human

~ IIOWWLTOPTWCFIBTIS-A-OT-WWCSITC-CWBTOI ~ It Is Only When We Listen To Our Pain That We Can Follow It Back To Its Source – And – Only There – When We Can See Its True Causes – Can We Begin To Overcome It

BRINK LINDSEY + STEVEN TELES ~ THE CAPTURED ECONOMY ~ 2017

~ WPFEI-TGMD-LOAG-A-MSO-‘TO’-WL-SLAZ-SS-GBOG-AIA-LBOOG ~ When People Feel Economically Insecure – They Grow More Defensive – Less Open And Generous – And – More Suspicious Of – “The Other” – When Life – Seems Like A Zero-Sum Struggle – Gains By Other Groups – Are Interpreted As – Losses By One’s Own Group

~ IAU-TSOOSGASI ~ Inefficient And Unequal – The Simultaneous Occurrence Of Sluggish Growth And Spiralling Inequality

~ I-RACW-TEG-H-BRIFO-PATT ~ In – Real And Consequential Ways – The Economic Game – Has – Been Rigged In Favor Of – People At The Top

~ W-IATWTRCBTPAWO-ED-C-API-G-IA-VC ~ When – Institutions Are Too Weak To Resist Capture By The Powerful And Well Organized – Economic Decline – Corruption – And – Political Instability – Grow – In A – Vicious Circle

~ CAGAIIAC-ETVIAC-DAET-MGME-A-YSNBSIYEUW-WIG ~ Casting All Government As Inherently Incompetent And Corrupt – Enables The Very Incompetence And Corruption – Disdain Any Efforts To – Make Government More Efficient – And – You Should Not Be Surprised If You End Up With – Woefully Inefficient Government

~ A-TROR-SISGAAI-HBHIPVFSTN-TABTC-ASBGLO-IT-OB-T-L-A-R-HPTBBSAI-RC-AA-SCTOCEP ~ Although – The Role Of Rent-Seeking In Slowing Growth And Accelerating Inequality – Has Been Hidden In Plain View For Some Time Now – Things Are Beginning To Change – A Small But Growing List Of – Influential Thinkers – On Both – The – Left – And – Right – Have Pierced The Bipartisan Blind Spot And Identified – Regulatory Capture – As A – Significant Contributor To Our Current Economic Predicament

~ TRATDH ~ The Rents Are Too Damn High

~ R-S:ATSTIPWCAOV-TDTMP ~ Rent-Seeking: Activity That Seeks To Increase Profits Without Creating Anything Of Value – Through Distortions To Market Processes

~ TTETR-SHS-TIHOCDITGHOCC-A-TLPOTPIDIAFFOSI ~ To The Extent That Rent-Seeking Holds Sway – The Invisible Hand Of Capitalism Degenerates Into The Grasping Hand Of Crony Capitalism – And – The Lofty Pursuit Of The Public Interest Devolves Into A Feeding Frenzy Of Special Interests

~ FM-D-PFS-OTEO-ASSETETROTG-IA-I-P-SF-EP-M-S-BKFBTITPPTGTR ~ Free Markets – Depend – Paradoxically For Some – On The Existence Of – A State Strong Enough To Enforce The Rules Of The Game – In An – Impartial – Public-Spirited Fashion – Economic Power – Must – Somehow – Be Kept From Being Translated Into The Political Power To Game Those Rules

~ TUSOEGII:NPAPM ~ The Ultimate Source Of Economic Growth Is Innovation: New Products And Production Methods

~ EE-IIETGRB-WFTTPP-TEWBDT-N-SRS-A-ARI-R-CP-CLTA-D-OIPE ~ Entrepreneurial Energy – If It’s Easier To Get Rich By – Winning Favors Through The Policymaking Process – That Energy Will Be Diverted To – Negative-Sum Rent Seeking – Accordingly – A Rise In – Rent-Creating Policies – Can Lead To A – Drop-Off In Productive Entrepreneurship

~ RR:R-CPTUGWEI ~ Regressive Regulation: Rent-Creating Polices That Undermine Growth While Exacerbating Inequality

~ AMDHOTPOMVEEPAWAFK-MOWCTLILSBOUOWOTRTT-M-ATTVSOSRIBUBC ~ Although Mass Digitization Holds Out The Possibility Of Making Virtually Everything Ever Published Accessible With A Few Keystrokes – Millions Of Works Continue To Languish In Limbo Simply Because Of Uncertainty Over Who Owns The Rights To Them – Meanwhile – Access To The Vast Storehouses Of Scientific Research Is Bottled Up By Copyright

~ ‘IP’-‘IM’-AMSOES-A-ATFUE ~ “Intellectual Property” – “Intellectual Monopoly” – A Major Source Of Economic Stagnation – And – A Tool For Unjust Enrichment

~ AL-SPPTSOFRAFTTTRWTOWWN-YTIWWG ~ A Large-Scale Political Project To Siphon Off Further Resources And Funnel Them To The Rich Was The Opposite Of What Was Needed – Yet That Is What We Got

~ S-R-S-MBIIAMDWS-IIT-B-TCHLOR-SIN ~ Some – Rent-Seeking – May Be Inevitable In A Modern Democratic Welfare State – It Is True – But – The Current High Level Of Rent-Seeking Is Not

~ WTGDATUUIOE-IFTSPTIWSEA-POOMMI-TPS-TTAOA-G-P-TWABAC-T-IAW-QSTGSAETTAINCBPOABP-SPDTR ~ When The Government Does Attempt To Build Up Its Own Expertise – It Faces The Serious Problem That Individuals With Such Expertise Are – Paid Orders Of Magnitude More In – The Private Sector – Than They Are On A – Government – Payroll – There Will Always Be A Challenge – Therefore – In Attracting Well-Qualified Specialists To Government Service And Ensuring That Their Analysis Is Not Colored By Prospects Of A Big Private-Sector Payday Down The Road

~ TBS-R-S-NTDACJOWTCITMOTPI ~ To Be Successful – Rent-Seekers – Need To Do A Convincing Job Of Wrapping Their Claims In The Mantle Of The Public Interest

~ P-IUUA-AFOR-BIR-C-TANBBTRFT ~ Pollution – Is Usefully Understood As – A Form Of Rent – Because It Represents – Costs – That Are Not Borne By Those Responsible For Them