Robert Reich, Non-Economist

Robert Reich, Non-Economist

Been thinking about responding more to Robert Reich’s inane videos on Facebook, but I wonder if he is someone worth the time and emotion. He really represents the social democratic narrative in his simplistic, assertion-driven appeals to the economic dolts of society. I did pick up his book, which is not much better than his videos, but perhaps a refutation is on the horizon.

In any case, check this out:

Consider the third sentence, first paragraph.

Now consider the second sentence, third paragraph.

Tax cuts don’t lead to more investment.

Tax cuts lead to more investment.

As written, this is a contradiction of Reichian proportions.

While someone with Neo-Marxist leanings, Reich is also a mercantilist. He thinks that if investments are being made (of course, he never mentions the regulatory disadvantages of investing in the USA) elsewhere around the world, this is somehow a detriment on the American society. However, by increasing the supply of goods in the world economy as a whole, this makes everyone wealthier (except where governments fight back and restrict trade). That is, it is precisely because “money is global” that the economy is global and therefore there is a widespread beneficiary base of the capitalist’s investment.

  • dietmargeorg

    I like “non-economist”, but prefer to use “economics denier” for such “purveyors of second-hand information”. I tremendously enjoy your work. You have a gift to explain complicated subject matters in a wonderfully condensed way.

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