dagblog - Comments for "Mad Men Economics (or, Why We Have a Depression and the Sixties Didn't)"

I think the American upper

Donal — Mon, 04 Apr 2011 13:59:08 +0000

In reply to Doc, I really enjoyed this

I think the American upper classes watch too much Masterpiece Theatre. They think that being wealthy will be as comfortable and collegial as an episode of Sherlock Holmes or Upstairs, Downstairs. They should reread The Pearl or The Good Earth, or some unvarnished Dickens. Or one of those documentaries on kidnapping the rich in Sao Paulo, and the ear restoration surgery that has developed in response.

Doc, I really enjoyed this

Orlando — Mon, 04 Apr 2011 13:50:46 +0000

In reply to Mad Men Economics (or, Why We Have a Depression and the Sixties Didn't)

Doc, I really enjoyed this blog. As I was reading it, I was thinking about parallels between what's happening now in the US--the so-called captains of industry taking all they can get, playing the system, reinvesting very little, and screwing over the poor and middle classes--with what's been happening for decades in developing nations that never seem to develop because their ruling classes take all they can get, play the system, reinvest very little and screw over the poor and middle classes. A few people can get very rich. But the infrastructure crumbles and because of a lack of investment in education, the countries lack the human capital to solve their social and economic problems. The United States in the twentieth century seemed to have taken the correct path to ensure that the country and its people could rise together. What I see happening now makes me sad.

What created that economic

Richard Day — Thu, 31 Mar 2011 20:08:31 +0000

In reply to Mad Men Economics (or, Why We Have a Depression and the Sixties Didn't)

What created that economic boom? High taxes, high wages, strong unions, and a generally equitable distribution of wealth which allowed the middle classes especially to grow rich as fast as the rich did. In other words...

AMEN!

Fantastic take on this. It

Michael Maiello — Thu, 31 Mar 2011 19:13:23 +0000

In reply to Mad Men Economics (or, Why We Have a Depression and the Sixties Didn't)

Fantastic take on this. It is how modern business works because executives have found a way to twist the old Adam Smith vision of rational self interest checked by competitive forces leading to something that we'd call progress in retrospect -- it's the "good enough" doctrine. You don't have to make the best product. In fact, the best product often loses. Beta was better than VHS but VHS was good enough for the price...Only Apple is immune to this. People always try to make "good enough" but cheaper Apple killers but Apple manages to straddle between being a consumer and a luxury brand.

The economy we have now very much rewards second besters and plain old rip-off artists. It's sad to me that Demand Media and the Huffington Post have done so well while real, valuable media outlets are suffering.