Complexity in governments and markets
As Governments expanded their activities over the years, pushing spending from around 10 per cent of GDP at the beginning of the last century to the current levels of 30 to 50 per cent of GDP, while increasing intervention through regulations, they tended to lose much of their ability to monitor well what they did. This led to problems of corruption, inefficiency, rent seeking, cronyism, and generally less equitable results in terms of economic results and income distribution. Professor Vito...[Show more]
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