factual
Friedman and Rawls share a vision but miss increasing returns
Milton Friedman's Capitalism and Freedom is very similar to Rawls despite the left loving Rawls and hating Friedman, but both dramatically underestimated the importance of increasing-returns phenomena; Friedman's implicit decreasing-returns model led him to treat monopolies as merely temporary, missing that increasing-returns phenomena that create monopolies are the very foundation of civilization.
factualpending
Speaker
Glen WeylEvidence Quote
“I don’t think he perceived that increasing returns phenomena that tend to create monopolies are really the foundation of what creates the possibility of civilization. He had in the back of his mind this sort of decreasing returns model that’s dominant in economics, and I think that that colors his whole worldview”
Created: 6/13/2026, 3:24:00 AM
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