In Was Greed Good? Paul Krugman points out the falsehood in standard conservative thinking.
"Before the Gekkos came along, they assert, American business was sluggish, unproductive, and uncompetitive. Then came the LBOs and all that, and our economic energy was unleashed. As I said, everyone on the right knows that this happened. Needless to say, none of it is at all true."
Productivity didn't increase, we were less competitive in world trade and "income distribution became radically more unequal".
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