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 Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists

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RR Phantom

RR Phantom

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Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists Vide
PostSubject: Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists   Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists Icon_minitimeThu Oct 10, 2019 12:13 am
One of the clearest illustrations of the economic notion of a “market failure” is the market for academic economists – a market so captured by the dominant neoliberal narrative, that it has proven nearly impervious to competition from empirical facts.

Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists 5d8576b62e22af72d231e174-1200

Take, for example, Senator Elizabeth Warren’s recent call for a 2% annual tax on household wealth over $US50 million. The proposal instantly drew derisive catcalls from economic experts arguing that taxing wealth would inevitably result in “slower growth … fewer jobs and lower incomes.” And why not raise this theoretical objection? The inverse relationship between taxes and growth is basic Econ 101. Raising taxes slows growth.

Except, of course … it doesn’t.

https://www.businessinsider.com.au/what-wealth-tax-debate-tells-us-about-bias-of-economists-2019-10?r=US&IR=T
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Economics is not a science; it’s a story: what the wealth tax debate tells us about the bias of economists

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