Chris Dillow — Meritocracy vs freedom

Theresa May said yesterday:

I want Britain to be the world’s great meritocracy – a country where everyone has a fair chance to go as far as their talent and their hard work will allow.

Of course, we lefties don’t like this: we believe a greater equality of outcome is more feasible and desirable than meritocracy. What’s insufficiently appreciated, however, is that Ms May’s vision should also disquiet the free-market right, because meritocracy is incompatible with freedom.

Just think what a true meritocracy would look like.…

Just deserts and meritocracy are myths of liberal ideology. But May is a conservative, you say. Conservatism is based on economic liberalism as the basis of political liberalism.

Stumbling and Mumbling
Meritocracy vs freedom
Chris Dillow | Investors Chronicle

Tim Bending on productivity, labor, Keynes, effective demand, fairness, and equality

A couple of older posts worth visiting in present context.

Open Democracy — Open Economy
Productivity does not explain wage differentials
Tim Bending 7 July 2010

A close look at labour markets, Keynes and effective demand shows that low demand is very bad for equality
Tim Bending 10 January 201

 

Chris Dillow — Power, skill & wealth

We have enough cases here to show that power matters more than neoclassical economics would have us believe. In many cases, the idea that financial success is a reward for ability and service to others is just a fairy tale.

Stumbling and Mumbling
Power, skill & wealth
Chris Dillow | Investors Chronicle (UK)

Another false assumption of neoclassical economics that sits at the core of neoliberalism. What this suggests is that power involves the ability to extract rents.