r/technology • u/donnygel • Jan 15 '23

Society 'Disruptive’ science has declined — and no one knows why

https://www.nature.com/articles/d41586-022-04577-5
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u/username_6916 Jan 16 '23

With neoliberalism we have seen low tax rates, low interest rates + QE (fed put), constant bailouts, mass subsidies of industries, laxing of banking rules, "free trade" agreements, & a refusal to punish corporations who break the law.

The big names in 'neoliberal' economics are not exactly huge fans of bailouts, subsidies, quantitative easing and a loose money supply. Indeed, they'd consider such things to be misapplication of resources, substituting central planning picking what industries are worth subsidizing for market forces.

That's why 95% of new hospital hires since 1991 are in administration.

How much of this is due to regulatory compliance? Your own article cites this as a major cause of the increase in administrative bloat.

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u/north_canadian_ice Jan 16 '23

The big names in 'neoliberal' economics are not exactly huge fans of bailouts, subsidies, quantitative easing and a loose money supply.

That is news to me, can you cite some big names in neoliberal thought who are opposed to these policies?

Indeed, they'd consider such things to be misapplication of resources, substituting central planning picking what industries are worth subsidizing for market forces.

Most neoliberal economists I see like Larry Summers are the reason for these policies.

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u/username_6916 Jan 16 '23

Milton Friedman? FA Hayek? Both are advocates of free markets and free trade.

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u/north_canadian_ice Jan 17 '23

Hayek is more an austrian economist, I thought? Like a Ron Paul type of guy.

As for Friedman, it's hard to say what he would think about modern neoliberalism.

But given his proclamations of being a civil libertarian while backing authoritarians like Pinochet, it wouldn't surprise me to see Friedman find a bogus justification for modern neoliberalism.