Quote:
Originally Posted by alexamenos
some good news mingled with more wackonomics
Americans are saving more, consuming less, and ala John Maynard Krugman, prudent living is deemed bad for the economy. This notion that a good economy is built by shopping is such a horrible misconception. It is akin to saying that while it may be good for the economy to spend $1,000 to dig a useless hole in the ground, it is 10x better to spend $10,000 to dig a useless hole in the ground. Babbling nonsense, wackonomics.
Economics is about the efficient use of scarce resources -- getting more out of every dollar is good for the economy, Keynsians and Krugmans are wack.
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I think your hole analogy is off. He's not saying its better to spend $ 10,000 on one hole. He's saying less holes are being dug - which really sucks for hole diggers.