Wonderful use of a Hazlitt-style (I guess Bastiat, really) argument to refute the idea that government spending is the same as private investment. It ought to be elementary that the government, having no real resources or productive capability of its own, can add anything whatsoever to the market without taking it from somewhere else, but it's amazing how few people get it.
Good interview, Sheldon. I wish it would have been longer!
ReplyDeleteRichard G.
Wonderful use of a Hazlitt-style (I guess Bastiat, really) argument to refute the idea that government spending is the same as private investment. It ought to be elementary that the government, having no real resources or productive capability of its own, can add anything whatsoever to the market without taking it from somewhere else, but it's amazing how few people get it.
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