The Instabilities Of Capitalism
Excerpted from What Capitalism Needs: Forgotten Lessons of Great Economists by John L. Campbell and John A. Hall, on sale September 2, 2021. © Cambridge University Press 2021 and reprinted with permission. All rights reserved. Q1 2021 hedge fund letters, conferences and more The Instabilities Of CapitalismConventional economics assumes that markets tend toward equilibrium – that is, that problems such as slack demand, unemployment, or even financial crises such as that of 2008 will eventually resolve themselves. We do not share that assumption, which is why we believe that state capacities and...