Must read: this post on the economy by Karl Smith at Modeled Behavior. …This is a failure of our basic institutions of production. The job of the market is to bring together willing buyers with willing sellers in order to produce value. This is not happening and as a result literally trillions of dollars in value are not being produced. He goes on to emphasize that it’s not misallocation, it’s not government misconduct, it’s trillions of dollars of potential wealth that is simply not being created. Period. What he doesn’t, perhaps can’t, fully add is the solution to this disconnect. … Continue reading →