Monday, July 28, 2008
What is the Economy?
"The concept of 'the economy' is utilized ad nauseum by politicians and political pundits who want to believe (and make voters and taxpayers believe) that their tax-and-spend policies are unilaterally a good thing, as in 'my such-and-such policy is good for the economy.' All government policies benefit some people and hurt others, and the only worthwhile discussion of such policies is in terms of these conflicting effects on individuals, not in terms of benefits to some nonexistent entity", my emphasis, Mark James (MJ) letter to the WSJ, 11 July 2008.
Bravo, MJ. My 7 April 2008 post, "The Fed's Real Job" said virtually the same thing.