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It’s lovely

In effect, we have a choice. We can have the world we need by controlling the unearned returns to capital
….
Rent-seeking activity is that part of the economy that demands payment for a service that does not require the expenditure of effort on the part of the person supplying it, but which is instead a return to that supplier because they have economic control of a resource (whether appropriately or not) that others want. There are three big rent-seeking activities in our economy.

The second is charging interest for the use of money, all of which is ultimately created by the state.

Current interest rates – real interest rates, the ones that matter – are around negative, or minus, 6%.

Therefore we should tax these unreasonable profits more.

Great, innit?

3 thoughts on “It’s lovely”

  1. I’d be intrigued to lol back and compare his proposals to those enacted under Chavez and Maduro and see if there’s even a scintilla of difference. Anyone remember the name of the commentator here who used to see antisemitism in every post about neoliberals or ‘rent seekers’?

  2. “The second is charging interest for the use of money”

    But then if you don’t think that discount rates are a thing, you can’t really be expected to understand the time value of money. At least he’s consistent…

  3. Having spent the last month or so rebuilding one wall, replumbing the toilet, replastering the lobby, and re-roofing the bay windows of my property, it *really* pisses me off that what he talks about is refered to as “rent”-seeking.

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