Ken Langone is very rich in relative terms. What is unfortunate is that he is very very lucky and fortunate. When he criticises economists like Krugman and then says he does not know what Krugman is talking about, he Is reflecting the fact that economics in the modern world are driven by location, location, location, and chance. Luck really does dominate!
Lucky people often think they are smart, but all too often it is that they are given or just happen to land on a great location then develop a strategy and extend their lead. This is reflected in the board game Monopoly and is a fact of life that economists such as Krugman are faced with. As in monopoly, if you increase the 'go' payout you also increase the rental earned by those in good locations. The trick really is in the fortune deck to increase the number of 'go straight to jail's and to increase the taxes on property. No monopoly is not fair.
What is important is the role of government, legal and other interventions to bring about the balance that the stupid and worthless American constitution fails to bring about naturally. It goes so far then fails miserably to be a means to address major economic, social, military, migration, religious, policing, freedom and legislative issues. The founders of America were not brilliant nor foresightful.
They created a madhouse economy that resembles a mad hatters tea party monopoly game that makes it too easy for some groups of players to dominate and think they are so almighty smart, etc.
Let the Krugmans of this world change the rules to even out the outcome! The American constitution as it stands is too much a lottery and prone to inequity! Change the rules of h game and change the American constitution, because as it stands it is ruining my breakfast!
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