Saturday, February 4, 2012

This is How it Works

Weber — The New Yorker


Anonymous said...

believing in the trickle-down effect ...
happens in bars and is congenital to believers in Reaganomics

Daniel [] said...

Actually, the supply-side economists (of which I have never been a member) did not have a theory of trickle-down economics. That notion was the invention of a journalist, who could no more understand their actually theories than the typical journalist can understand anything else.

(For an example of a journalist similarly bastardizing the thought of a left-wing economist, see the news stories that reported that Tobin was given the BoS Nobel Prize for a theory that one should not put all eggs in one basket.)