Long-run economic prosperity is built on there being rewards for a person's efforts and ingenuity. However, when top jobs are handed out on connections, not on merit, it falls apart.
Why acquire skills and work experience when there is little in it for you? Why bother?
So it is now in New Zealand. We are in the midst not of a temporary downturn, but of a longer-lasting loss of living standards; stagnation unlike we’ve ever experienced.


