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The 21st-Century Case for a Managed Economy: The role of disequilibrium, feedback loops and scientific method in post-crash economics by Sean Harkin

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10. Growth and Inequality as Feedback Processes

Conservative ideology portrays the dynamic, ‘hire-and-fire’ capitalism of the United States as giving it an edge over the more regulated economies of Europe. Unfettered individual enterprise, we are told, allows market participants to direct resources to where they will be used most efficiently and is therefore the best solution for achieving economic growth.

The evidence does not bear this out. Long-run rates of physical investment and capital formation are much higher in Europe [69] . Productivity per hour worked is higher in a number of western and northern European countries than in the US. And rates of business innovation and technology uptake are similar on both sides of the Atlantic ...

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