By Eric Beinhocker. Subtitled "The rise of rentiers and the destruction of the middle class." He thinks Ayn Rand would be aghast at what today passes for free enterprise! Today's corporations are not bastions of independent, innovative entrepreneurs winning the competitive race but giant corporations paying off government to maintain oligopolies. Rand wrote specifically against this phenomenon in Atlas Shrugged. Of course these oligarchs distort Rand's idealism as cover for what they are doing but they are nothing like Rand's hero in the book.
"Trickle-down economics may work in textbook economic theory with
ivory-tower assumptions about perfectly rational people and perfectly
efficient markets. But in the real world of politics and interests, it
simply provides a cover story for rentier economics. It dresses up
anti-market behavior in free-market rhetoric."
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