Two Must Reads
In his book, Capital and Production, Richard von Strigl clearly shows that an advanced economy exists due to two social funds: the subsistence fund and the renewal fund. Neither of which is the product of printing presses.
For those wanting to show that redistribution (i.e. soaking the rich to benefit everyone else) is an impossibility, Bertrand de Jouvenel's book, The Ethics of Redistribution, contains an appendix with a sound refutation. Of course, times and places change. Regardless, to my knowledge, the bulge in the wealth distribution curve is always to the left.
Comments (4)
David
You would be right were it not for the fact that once I toss a couple trillion pieces of paper over the economy, real wealth instantly doubles. The paper has a special Wealth-Increasing Effect, what economists call WIE. I'm surprised you don't know this.
Published: August 5, 2009 10:51 PM
Mrhuh
I hope that you're joking David since those trillion pieces of paper have debased value leading to higher costs.
Published: August 5, 2009 11:24 PM
David Bratton
I'm sure it was sarcasm. How do you pronounce WIE?
Published: August 5, 2009 11:48 PM
newson
what, no wie programme?
Published: August 6, 2009 4:54 AM