Over at mises.org, Matt Palumbo takes down the popular fallacy of fixed pie that claims that if one has a dollar more, that only means someone has one dollar less. That the rich can grow rich only of somebody else gets poorer. This is very popular, not among the laypersons; but even a former Harvard President, Larry Summers, also believes in it. No wonder the US is in decline.
The Fallacy Of "Fixed Pie" Debunked
The Fallacy Of "Fixed Pie" Debunked
The Fallacy Of "Fixed Pie" Debunked
Over at mises.org, Matt Palumbo takes down the popular fallacy of fixed pie that claims that if one has a dollar more, that only means someone has one dollar less. That the rich can grow rich only of somebody else gets poorer. This is very popular, not among the laypersons; but even a former Harvard President, Larry Summers, also believes in it. No wonder the US is in decline.