A leading economist is warning of the rise of ‘Gen Z affordability socialism’, citing the affordability crisis as a threat to prosperity. Diogo Costa, president of the Foundation for Economic Education, argues that the affordability crisis is providing the perfect opportunity to tempt the next generation with the ideas of socialism.

The Rise of Affordability Socialism

Costa notes that young people are aware that they are better off in a market economy, but they still want heavy-handed intervention if they perceive it benefits them. This is not just a phenomenon in the United States, but a global trend. Costa argues that the ideas behind the market economy are not as well understood, and that economics needs to be re-taught every generation.

Costa’s own experience growing up in Brazil during the economically chaotic 1990s was pivotal in shaping his outlook on policy and the need for economic education. He recalls the effects of hyperinflation and protectionism on his family and community, and how it shaped his understanding of the importance of free markets.

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