The Economy Is Not a Machine

How the drive for efficiency leads to greater wealth concentration and threatens capitalism. What can be done about it.Topics covered include:Why income growth has slowed for the middle classWhy the economy now follows a power-law distribution rather than a normal distribution, leading to skewed outcomesWhy the economy is a complex adaptive system rather than a machineHow the type of job you have and the company you work for affects your incomeWhy greater efficiency increases the risk of catastrophic collapsesWhat are ways to balance efficiency with resiliencyShow NotesChanges in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances—The Board of Governors of the Federal ReserveHow America Banks: Household Use of Banking and Financial Services—Federal Deposit Insurance CorporationWhen More Is Not Better: Overcoming America’s Obsession with Economic Efficiency by Roger L. MartinHow The Economic Machine Works by Ray Dalio—VideoFor more information on this episode click here.Also, go here to learn more about Money For the Rest of Us Plus membership.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.