Whom should we trust: elites or the people? I’m in two minds here.
On the one hand, on the issues of immigration and Brexit, I’m with the elites.
But in other respects, I’m on the side of the people. I’ve repeatedly argued for worker democracy against managerialism, and have consistently pointed out the shortcomings of professional fund managers. And I’ve pointed out that popular opinion – as measured by ratios (pdf) of consumer spending to asset prices – can do a better job of forecasting future economic conditions than professional forecasters can manage.
So, am I just confused?
I think he’s spot on, and that we’re running away screaming from the ground we need to occupy.
Also published on Medium.