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Over the last few decades, the American economy has seen stagnating growth and increasing inequality. Brink Lindsey and Steve Teles think they have a partial explanation: The economy has been captured by the rich and well-connected. In this episode, we discuss their new book, The Captured Economy: How the Powerful Enrich Themselves, Slow Down Growth, and Increase Inequality. We cover a lot of policy ground: Occupational licensing and zoning restrictions, financial regulations and subsidies and patent reform, and federalism and public choice. We close by discussing how their reforms can be put into practice when none are being loudly or broadly championed by either the left of right.
Brink Lindsey is the libertarian-leaning Vice President of the Niskanen Center and former Vice President for research at the Cato Institute. Steve Teles ia a liberal-leaning professor of political science at Johns Hopkins University and a Senior Fellow at the Niskanen Center.
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I really liked this episode. Advocates of the free-market don’t complain enough about corruption. (Which free-marketeers from Adam Smith to Milton Friedman have always decried as being against human liberty.)