Assume The Worst About People And You

It Takes Time And Experience To Absorb New Technologies, So Technologically Backward Producers Need A Period Of Protection From International Competition During This Period Of Learning. Such Protection Is Costly, Because The Country Is Giving Up The Chance To Import Better And Cheaper Products. However, It Is A Price That Has To Be Paid If It Wants To Develop Advanced Industries.

Once You Realize That Trickle-down Economics Does Not Work, You Will See The Excessive Tax Cuts For The Rick As What They Are -- A Simple Upward Redistribution Of Income, Rather Than A Way To Make All Of Us Richer, As We Were Told.

95% Of Economics Is Common Sense Deliberately Made Complicated.

The Danger Is Not Only That These Austerity Measures Are Killing The European Economies But Also That They Threaten The Very Legitimacy Of European Democracies - Not Just Directly By Threatening The Livelihoods Of So Many People And Pushing The Economy Into A Downward Spiral, But Also Indirectly By Undermining The Legitimacy Of The Political System Through This Backdoor Rewriting Of The Social Contract.

Gore Vidal, The American Writer, Once Described The American Economic System As 'free Enterprise For The Poor And Socialism For The Rich'. Macroeconomic Policy On The Global Scale Is A Bit Like That. It Is Keynesianism For The Rich Countries And Monetarism For The Poor.