News for hackers. Stuff that matters.

A comment on Why a Universal Basic Income Would Be a Calamity. Parent comment

Re:Why a Universal Basic Income Would Be a Calamity by eighthnate on Sunday August 20, 2017 @08:26AM (#15058138)
> I don't know a whole lot about economics, but I do know that semi-knowledgeable people like myself are usually wrong about economic issues.

The knowledgeable people are even more wrong about economic issues. The history of economics and economists is a history of failure. So your shouldn't be so down on yourself.

According to one of today's great economist, we are supposed to be in a global depression without end.

"So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened."

https://www.nytimes.com/interactive/projects/cp/opinion/elec...

[ Parent | on HN ]
Re:Why a Universal Basic Income Would Be a Calamity by criddell on Sunday August 20, 2017 @10:36AM (#15058539)
The quote isn't from the column you linked to. That column is by a professor of history and as far as I can tell, Daniel Williams isn't an economist.

I was mostly speaking about issues like the deficit. I used to subscribe to the deficits are bad theory of budgets. If I shouldn't run my household with a deficit, then how does it make sense to run the country with a deficit? Turns out, they aren't the same thing.

[ Parent | on HN ]