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> From what I can tell it's all based on old-fashioned debunked economic theories in the same vain as "trickle-down-economy". As an aside, I find this (popula
by cal5k 5y ago
> From what I can tell it's all based on old-fashioned debunked economic theories in the same vain as "trickle-down-economy".
As an aside, I find this (popular) sentiment quite amusing - what, exactly, is "trickle-down economics" and who can we credit for doing such an apparently thorough job of authoritatively debunking it?
- benwad 5y agoI think "trickle-down economics" is usually a synonym for the Chicago School, promoted by Milton Friedman and exported (often forcefully) by the US government. As for who's responsible for 'debunking' it, Thomas Piketty is the name I'd usually associate with popularising the skepticism towards the Chicago School.
- cal5k 5y agoNo Friedman acolyte that I'm aware of would actually endorse wealth transfers to the rich in the hopes that it would "trickle down" to everyone else. It's a simplistic caricature of a broad system of thinking that seeks to maximize individual economic freedom and broadly minimize taxation and unnecessary regulation.
- benwad 5y agoTransferring publicly-owned assets to privately-owned companies is exactly what Friedman proposed to the various South American dictators he advised.