Robbing Peter to simply to pay Paul no longer wins the debate • Waving pens still does not create wealth • The rich spend money, too • Escher’s Waterfall economics revisited • Redistribution stimulates consumption and taxes production • More consumption with comparatively less production will cause prices to rise • We’ve seen this before in the market for higher education • You still can’t get something for nothing
The 2020 election season is picking up, so I’m bound to see more posts like this one on facebook in the coming months. This is a commercial from the British Labour party, rationalizing various government economic interventions to stimulate consumption. Though made for British politics, American progressives and Democrats make similar arguments. They call it “common sense”. Watch for yourself, then I’ll give you my reaction: