Was over at brucetheeconomist commenting on a post. As I was writing my comment, this thought developed – I share it.
All these discussions about putting money out vs taking money in – does stimulus raise revenue? do tax cuts create jobs? I’ve not got your skills in this area, but it always sounds to me like people are so committed to their pet theoretical outcomes, that they ignore or miss obvious elements that have great impact, because those don’t fit their script.
Example: Sunday, I watched McLaughlin Group (political scream show). Somehow they were discussing ending the monarchy in Britain because the royals live off the state and cost too much. It was a genuinely silly discussion, but I was astonished that they entirely ignored two things that should be part of any such conversation.:
1. the contribution to tourism
2. the national identity at a time when all western democracies are struggling to integrate immigrants into the dominant culture. It’s said that in Britain the loudest and proudest fans of the monarchy are the immigrants. It’s what being British is all about.
Anyway, stupid discussion and for some reason reminded me of economic chatter about how to improve the economy.