Kevin Carson: How Much of the Economy is Friction?
How Much of the Economy is Friction? Charles Hugh Smith raises the question of how much of the U.S. economy consists of the actual output of goods and services, versus the friction entailed in producing them. As a small example, he cites a physicians’ group that includes ten doctors — and twelve billing clerks. That’s …
Continue reading “Kevin Carson: How Much of the Economy is Friction?”