“Markets make people better off, but they don’t provide sufficient opportunities for politicians to extract bribes and intellectuals to feel better about themselves. This explains why they’re unpopular with politicians and intellectuals.” Glenn Reynolds: Fast moving bad news builds prosperity

As Megan McArdle has observed, journalists particularly suffer from this problem: “Everyone you write about makes more than you. Most of the people you know make more than you. … Your house is small, your furniture is shabby and you can’t even really afford to shop at Whole Foods. Yet you’re at the top of your field, working for one of the world’s top media outlets. This can’t be so.” Suddenly, systems that reward people through political influence look better.

Markets make people better off, but they don’t provide sufficient opportunities for politicians to extract bribes and intellectuals to feel better about themselves. This explains why they’re unpopular with politicians and intellectuals. The real question is why anyone else listens to the self-interested claims of politicians and intellectuals. Maybe because the subject of what works and what doesn’t in economics is mostly written by journalists?

via Glenn Reynolds: Fast moving bad news builds prosperity.

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