Wealth is... political power... and that's how we got from … - John Komlos

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Wealth is... political power... and that's how we got from a democracy, to an oligarchy, to a plutocracy. Economists forgot completely about the need for countervailing power... and the oligarchs have taken over...

John Komlos

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About John Komlos

(born 28 December 1944) is an American economic historian of Hungarian descent and former holder of the chair of economic history at the University of Munich.

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Originators like John Komlos:

Ha-Joon Chang Joseph E. Stiglitz Kate Raworth Paul Krugman Friedrich Hayek

Additional quotes by John Komlos

[E]conomics cannot be purged of ideology...

[W]hile income determines the position of the for food, an individual who purchases food at higher market prices might consume less of it than a self-sufficient peasant isolated from the market... even if the income of the former is greater...

Today 21% of [total] annual income goes to 1% of households. ...That cannot be the basis of a good democracy.

Wealth is... political power... and that's how we got from a democracy, to an oligarchy, to a plutocracy. Economists forgot completely about the need… - John Komlos

About John Komlos

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