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

[jmowreader]

6. Say's Law, of course, is total bullshit

The "law" states,

A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.

This leads to a very large issue: What "market for other products to the full extent of its own value" does a product create if no one wants it?

Another bullshit theory economists push states that prices are self regulating in that if the price of one commodity goes up, its purchasers will move to another product. Or "if apples are too expensive people will buy oranges instead." Now hang on a second, Jack; if I am a baker who sells a thousand apple pies a day, I'm going to have a hell of a time convincing my customers orange pies are just as good. A driver who doesn't like the price of gasoline can't buy diesel instead. And if I really want an apple with my lunch, an orange may be a poor substitute. Most of the science of economics is not borne out in the real world, because in the real world people don't necessarily act rationally. (Witness Maslow's Hierarchy of Needs...which would make sense if people always behaved rationally, but there are a LOT of people who will spend $500 on clothing for the New Year's party they're going to attend when they probably should use that $500 to replace the tires on their cars.)