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Submitted by Chris Loewald on
This is a really good piece. The question to take forward is how to refocus the public discourse on future returns to investment (new areas of econ activity by more firms/people) and future returns to using other technologies (Manoel's point) rather than on current returns. I would have thought that the combination of weak labour absorption and the non-renewable nature of current rents (plus the rising cost of exploiting those rents) would have encouraged that refocusing. But the short-run economics of the rents appears to outweigh the short-run political costs, while the long-run economic and political gains (evident for instance in the comparative work of the Growth Commission) are heavily discounted.