Markets reward demerit and punish merit, Russ Greene argues

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Mikhail Vnuchkov

11.08.2026

Markets reward demerit and punish merit, Russ Greene argues — Markets not driven by meritocracy

Russ Greene challenges the notion of markets operating as meritocracies. According to Greene, meritocracy is best understood as a laborer theory of value, rather than as a true guiding principle for market outcomes. He references Adam Smith’s explanation that markets often reward demerit and punish merit, further citing Hayek's observation that defending markets based on merit could cause significant harm.

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Greene has recently questioned individuals' responsibility for $40 trillion in U.S. debt and $89 trillion in unfunded Social Security and government obligations, according to a previous report. He has also attributed the potential Social Security bankruptcy in 2032 to inaction by seniors, highlighting missed opportunities since the 1990s in a separate article. These comments add context to his broader skepticism regarding established economic narratives.

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