Re:Boeing CEO Dennis Muilenburg Addresses the Ethiopian Airl...
by objektif on Friday April 05, 2019 @12:08AM
(#19579614)
It sounds like you are dreaming of it tough. To make such a strong statement. It is like saying all corporations end up like Theranos or Enron eventually.
Economists do a lot of research and disagree with each other violently. So I will not take your links as any proof that regulatory capture is an inevitable end. Yes it is concerning that it happens but there is absolutely no reason to believe it is the fate of all.
Re:Boeing CEO Dennis Muilenburg Addresses the Ethiopian Airl...
by BurningFrog on Friday April 05, 2019 @12:49AM
(#19579794)
Economists don't disagree on most things, but people who don't like to adjust their beliefs according to Economic science often like to think that.
To be fair, Public Choice theory is certainly on the more controversial half of the subfields.
And of course you shouldn't blindly take some random post on this forum as complete proof of how the world works. That would be a foolish gullibility. Then again, completely rejecting it isn't the wisest thing either. At least that's my view :)
Re:Boeing CEO Dennis Muilenburg Addresses the Ethiopian Airl...
by ionised on Friday April 05, 2019 @04:38AM
(#19580796)
'Economic science'?
When has economics ever been a science?
Re:Boeing CEO Dennis Muilenburg Addresses the Ethiopian Airl...
by BurningFrog on Friday April 05, 2019 @10:47AM
(#19583043)
If all the economics you know of is Macroeconomics, I understand your question. It is an extremely difficult field to study, and we may never really understand it.
But that's a small part of Economics, and the field in general is as hard as any science outside of physics, and had given us an enormous amount of insights we lacked 200 years ago, and contributed immensely to the relative peace and prosperity the world enjoys today.
https://en.wikipedia.org/wiki/Regulatory_capture
https://en.wikipedia.org/wiki/Public_choice
Of course, my post above is sharpened and overgeneralized to fit in an online forum. There are more nuances.
A current example in the news is Facebook asking congress to be regulated. This makes little sense from a conventional perspective. From the Regulatory Capture perspective it's an obvious play. Government regulation will be very costly to comply with, and only FB and a few other giants will be able to afford it, thus cementing FBs monopoly position for the foreseeable future.
https://www.insidesources.com/facebooks-mark-zuckerberg-asks...