2016
DOI: 10.2139/ssrn.2757161
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The Demoralizing Trap of Keynesianism

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Cited by 2 publications
(1 citation statement)
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“…The system in question is one in which entrepreneurship is not so much suppressed, but corrupted, meaning that entrepreneurially skilled individuals are incentivized to circumvent the meritocracy of market competition by engaging in various forms of rent-seeking and maintaining their infl uence through political favoritism. Needless to say, in the absence of appropriate cultural and spiritual restraints -that is, restraints which constitute the most fundamental level of the ethical structure of production -this kind of incentive structure is bound to generate a demoralizing rush to the bottom among businesspeople, driving out those who are unwilling to compromise their principles (Smith and Alvarez, 2017).…”
Section: Can the Great Enrichment Continue?mentioning
confidence: 99%
“…The system in question is one in which entrepreneurship is not so much suppressed, but corrupted, meaning that entrepreneurially skilled individuals are incentivized to circumvent the meritocracy of market competition by engaging in various forms of rent-seeking and maintaining their infl uence through political favoritism. Needless to say, in the absence of appropriate cultural and spiritual restraints -that is, restraints which constitute the most fundamental level of the ethical structure of production -this kind of incentive structure is bound to generate a demoralizing rush to the bottom among businesspeople, driving out those who are unwilling to compromise their principles (Smith and Alvarez, 2017).…”
Section: Can the Great Enrichment Continue?mentioning
confidence: 99%