Tuesday, 1 May 2007

Foolish fallacies

More misconceptions and fallacies about capitalism and trade exploded today, this time by the Vigesimal Pundit, including old chestnuts such as 'war is good for the economy' (it's not); buying NZ-made is always better (no, not always); and profits are bad (well, no they're not.)

This was my favourite comment, on the foolish idea that we shouldn't care about growth; it concludes:
Moreover growth compounds, so if we grow our GDP at 4% a year your grandchildren will be 4 times richer than you. If we can get 6%, they'll be 27 times richer than you. If you support policies that get in the road of growth, you need to ask why you hate your grandchildren so much.

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Blogger Greg Bourke said...

That is a great quote!

1 May 2007, 14:10:00  

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