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RE: Cost of Living Crisis – A Collection of Symptoms caused by Serious Long-term Political Failure

in Economics2 years ago

As usual you make many excellent points but I am unconvinced by your "less government intervention" argument and believe you should nuance it into the "right government intervention" - transparent institutions and simple, clear regulation that prevents rent seeking behavior from Big Business, lobbyists, moneyed interests, etc., that seek to push private risk and environmental externalities into the public sphere.

We should demand a government that serves the people and is not corrupted into enriching the pockets of the few at the expense of the many with clear-eyed, apolitical policies that are data-driven, adaptive, and transparent. Elinor Ostrom's Design Principles come to mind as a set of standards by which our governance systems should also be held.

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Within our existing paradigm, both less and right government intervention would be preferred over what we have now.

I would rather we had a complete transformation of how governance works. Relying on a few people to make decisions for whole countries only leads to decisions that benefit the few. That is Government themselves (i.e. leaders) and the few people or businesses that help maintain Governments' power.