Robber Baron Mnuchin: "Tax Scam Will Pay For Itself!" - Sen Warren: "NOT SO FAST, BUCKO! It won't!"

[CTyankee]

5. Paul Krugman has been on this FOREVER.

This is just one more try for the "trickle down" theory.

I managed one course (all I could take) in Econ in grad school. This old idea was once called "supply creates its own demand" by Jean Baptiste Say and known as Say's Law. It justifies government handing out tax favors to business owners because they will hire more workers and pay competitive wages. Similar to "a rising tide lifts all boats." We saw it rise like a zombie in Reagan's "supply side economics." Same old, same old.

Marx had his own ideas about this. He formulated the Labor Theory of Econ. Value, he said, is found in the work of the laborer, not in capital or land ownership.

It was an interesting course centered on the idea of "value." It was a fascinating course for the non-Econ major (me).