Peter Pocket

  • commented on Trickle-Down Economics: Four Reasons Why It Just Doesn't Work 2021-09-27 21:45:35 -0400
    There is no such thing as Trickle-Down economics. The great economist, Thomas Sowell, in his research paper, “Trickle Down” Theory and “Tax Cuts for the Rich,” said the following:

    “No such theory has been found in even the most voluminous and learned histories of economic theories, including J.A. Schumpeter’s monumental 1,260-page History of Economic Analysis. Yet this non-existent theory* has become the object of denunciations from the pages of the New York Times and the Washington Post to the political arena. It has been attacked by Professor Paul Krugman of Princeton and Professor Peter Corning of Stanford, among others, and similar attacks have been repeated as far away as India. It is a classic example of arguing against a caricature instead of confronting the argument actually made.”*

    *Source: https://www.hoover.org/sites/default/files/uploads/documents/Sowell_TrickleDown_FINAL.pdf

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