Phillip Collins in the Times (£) reminds me why I’m a Marxist rather than a social democrat. He mocks Ed Miliband’s claim that Britain has been run by people with the “wrong values” as being “the dying breath of vintage social democracy.”
What Philip doesn’t do, though, is show why Miliband is so wrong.
To do this, let’s concede his factual premise – that bosses have had the “wrong values”. How can this be so?
Miliband seems to suggest that it might be just bad luck.
What he misses is that selection effects and incentives serve to generate the “wrong values” at the top. I mean this in four ways:
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