Justin Wolfers gave an outstanding talk outlining the value of institutions in creating prosperity. See it here. I wish he was talking about America, and we have a rich history with some of the institutions he talks about–but we do not have a rich present in that regard. American exceptionalism has always been a bit of an illusion. American has exceptional opportunity because of our geographic gifts. Through much of history, we’ve also had quite strong institutions. Especially since the 1970s, there’s been a movement in America to undermine the strength of those institutions, and that movement is now thrashing those institutions. What is an institution? It’s important to note that what Wolfers and I mean by institution is not just a department or organization, but one that is founded in law or longstanding practice, and that it serves a public purpose. I know American institutions have been made out to be mysterious, conspiratorial, elite, or impersonal–but that last description–...
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