Politics: The Minders and Mandarins of Capitalism

Contributing sentiments towards policy:

57% : Industrial policy: tariffs and other protections, subsidies to viable industries and firms, "investments" in R&D and higher education, and so on.
49% : The way to diminish poverty and aid the disadvantaged is therefore not to punish positive-sum exchanges by taxation, but to allow more of them.
49% : "Capitalism must reward innovation," they write, "but it must be regulated to prevent innovation rents" -- rents meaning profits accruing to incumbent firms -- "from stifling competition and thus jeopardizing future innovation."
48% : Mr. Aghion, Ms. Antonin and Mr. Bunel share Schumpeter's overdefined understanding of capitalism.
45% : And what sort of regulations do they think will encourage innovation, foster competition and save capitalism from itself?
45% : What capitalism needs, if I may put their argument in my own words, is more public officials ready to heed the advice of centrist academic economists.
40% : Growth diminishes; a dissatisfied public demands welfare-state protections and restrictions on entrepreneurial activity; and capitalism, deprived of growth, slowly transmutes into socialism.
39% : But capitalism, in their view, is constantly menacing itself and requires the aid of sage policy makers to prevent its collapse.
38% : Clearly some parts of that analysis are valid, although Schumpeter was mistaken, in my view, to think of capitalism as a "structure" that can't adapt to the demands placed on it by an intermittently irrational public.
37% : In "Capitalism, Socialism and Democracy" (1942), Schumpeter contended that capitalism was doomed by its own logic.

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