Re: Friedman's Folly

On Sun, 18 May 2008 12:55:16 -0500, Day Brown wrote:

> retrogrouch@[EMAIL PROTECTED]
 wrote:
>> On Thu, 15 May 2008 19:17:09 -0400, Les Cargill <lcargill@[EMAIL PROTECTED]
>
>> wrote:
>> 
>>> I'm not sure it gets any better than that. *Declining* GDP means
>>> nobody's* quality of life is improving. 
>> Nonsense. Many could be doing well as the wealth is redistributed.
> The devil is in the details. If concentrated wealth was used to improve 
> the infrastructure, subsidize medical research and innovation, find new 
> sources of energy... the costs of doing business would decline and 
> profits would rise.
> 
> but using the money to buy Carribean condos and yachts or worse create 
> cheap labor in foreign areas to compete with Americans drives down the 
> asset base of the middle class.
> 
> However, redistribution that results in more sales of beer, fast food, 
> and plastic schitt from China drives down the asset base of the middle 
> class as well.

This is why "quality of life" measures are a lot more indicative of
overall prosperity.  The GDP is a self fulfilling ruse.

-- 
"I know no safe depository of the ultimate powers
of society but the people themselves; and
if we think them not enlightened enough to
exercise their control with a wholesome
discretion, the remedy is not to take it from
them, but to inform their discretion by
education." - Thomas Jefferson
http://GreaterVoice.org/extend