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A newspaper economist is trying to convince me, that becoming poorer is good for the economy, and will, therefore, make everyone richer.

A newspaper economist is trying to convince me, that becoming poorer is good for the economy, and will, therefore, make everyone richer.

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That doesn't sound right. (microblog link to text in title)

"Economic growth" is overwhelmingly being used as a magic phrase that makes everything better. Economic growth good. Everything except economic growth bad. Not economic growth very bad! Inflation is needed to encourage spending! People having money will bring the economy to a halt! Well, inflation reduces people's purchasing power. Reduced purchasing power means people are poorer. It takes two working adults today, to provide the quality of life to a family of four, that was not that long ago provided by one. But, everyone benefits from a growing economy! How, may i ask? The quality of life today is higher! That means, people are technically richer!

Are you sure this is the world's leading economic theory? Oh, i know, i'm just not smart enough to truly understand economics! Now, where did i hear that before?...

If i had any inclination for conspiracies, i'd probably say that this "economic theory" is being actively pushed by those, who hold exclusive right to create money, and for whom this arrangement is most beneficial.

Thankfully, i don't.

submitted by /u/simon-v
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