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Morning Must-Read: David Howell: Links Between Institutions and Shared Growth - Washington Center for Equitable Growth
If there were a thousand people all anxious to feed their families who had little in the way of alternative job prospects who could demonstrate that they could do my job well–well, then, it would be very difficult for my job to be a “decent” one, would it? It would still be a very interesting job. But it would also be a very low-paying job, unless I could figure out some way to extract a large share of the increasing-returns joint-production common pool and attach it to me in some durable way