Re:Millionaires call for an emergency tax on billionaires
by JoeAltmaier on Friday August 13, 2021 @12:26PM
(#28171020)
That's such a simplistic view of economics, as to not bear the slightest examination.
E.g. the free market depends entirely upon the amount of money people have? And nothing to do with supply/demand and the elasticity of the market? In a more nuanced view demand creates supply, efficiencies of scale reduce cost, and everything is cheaper.
Folks love to throw out the "More money means prices go up!" as if it's a truism.
Re:Millionaires call for an emergency tax on billionaires
by AnIdiotOnTheNet on Friday August 13, 2021 @12:32PM
(#28171108)
Most people, at least on this site, seem to have a severe Dunning-Kruger effect going on when it comes to economics. It's like they took Econ 101 and didn't realize it's an intro course with simplified models.
Re:Millionaires call for an emergency tax on billionaires
by AnIdiotOnTheNet on Friday August 13, 2021 @12:23PM
(#28170968)
> If you distribute the excess wealth, you will create a lot of inflation because if people have twice the money they will be prone to pay a twice bigger rent or a twice bigger restaurant check, or twice the money for the same land plot.
Ah, I see! So what you're saying is, if we tax the poor instead, that'll deflate the currency and make everyone richer!
If you distribute the excess wealth, you will create a lot of inflation because if people have twice the money they will be prone to pay a twice bigger rent or a twice bigger restaurant check, or twice the money for the same land plot.
If you decide to somehow destroy the excess wealth (for example, burning cash or the houses they don't need), you will shrink a bit the economy by creating some job losses for those today working on superfluous activities of the rich such as yatch cleaning.