THREAD on "Why the Lebanese economy has zero-value economic output”
(Also called "How rent-seeking killed our economy")
I will try to explain in a few tweets the problem of rent-seeking & pave an approach on how to go from rent-seeking structure to a really productive economy:
(1/16) Rent-seeking is defined as "making money without producing value"
We'll go into details, but wealth created from rent-seekers is illegitimate and morally wrong because it opposes both innovation & freedom
Add patronage & you get the disaster called "The Lebanese Economy"
As we plunge deeper into economic crisis, it is becoming apparent that the response of the political class is simply "do nothing!” and continue with their old ways, unwilling to unlearn, re-learn and embrace change
So what else can we do?
(2/X)
The truth is that we’re not going to make it if we don’t spark paradigm change in the Lebanese economy, and instead of a revolution that is all about “resisting power”, have a revolution of “building power”
