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November 25, 2012 at 9:48 am #19436
Ok thanks for the replies. A follow-up: I have also talked to him about zero sum economics, in that he believes there is a given amount of wealth in the world, and the top 1% are taking it away from the rest. So if we have a pie representing wealth, he doesn’t believe we can bake more pies (i.e. create more wealth), we can only divide it up. His view seems to mesh well with what you are saying though, in that if you put money into wages, you are at the same time taking it out of production. So how does our view that we can create wealth fit in here?