No. of Recommendations: 13
1) Politics professes that rich people get rich at the expense of poor people, all other things being equal.
2) Economics professes that a productive economy will benefit everybody in it, all other things being equal.
I think the history of the western world gives much more support to 2) than to 1), especially including the failure of systems that were set up specifically to correct the ills of a world where 1) is more correct.
False narrative. Economists never "profess" such view.
Through the 250 years of industrialization in the west, Rich people got way richer, the middle class got way richer, and poor people got way richer.
If 1) above were true, the vast increase of the richness of the rich should have resulted in the FURTHER REDUCTION in the standard of living of the poor. But the opposite is true, historically.
And economists do know this and do point it out all the time.
How is this not obvious?
R:)
