Value is like beauty. It’s all in the eye of the beholder. Maybe, to someone, somewhere it really is worth $20,000 to see someone eat steaming bullshit. That’s individual liberty for you!
The benefits to wider society are still immense. The vast majority of consumption is not on frivolity such as this. Even if it is…
By the way, the cartoon is funny but it misses the point by oversimplifying things. From the government’s point of view, the two transactions represent an opportunity for taxation. Moreover, since people almost always seek value for the money they spend, even more so for large amounts, such frivolous transactions very rarely occur. The fact is…
What I mean when I say that savings ‘want’ to be invested is pretty simple.
First of all, ‘savings’ in a macroeconomic context is not precisely the same word as within an individual context. In this context, it means the aggregated total left over when national expenditure is subtracted from national income.
