The Problem with Efficient Markets

Jan 15, 2020, 3:10 PM

Agricultural goods, construction, and housing are efficient. Is that a good thing? Food other than meat is almost free. Why shouldn’t we drive up the cost of agricultural goods, construction, and ‘materials production’ (steel etc) and housing as the returns we can produce? In other words, at what point are we making things cheaper but making everything more expensive as a consequence?

I mean, why not repatriate all digital electronic technology, and all medical technology, and at least conversion of raw materials into production goods, and state finance the whole thing? We can. WE aren’t New Zealand. We aren’t a developing nation.

WE are not making things cheaper. We’re spending down genetic, cultural, and institutional capital.