Think of the great cosmic questions whose answers continue to elude us: What's the deal with the cosmological constant? How do we deal with qualia? Where does language come from? Why is there something rather than nothing? What is consciousness? Why did evolutionary forces favor senescence? Are the laws of logic inviolable? Alongside these, few look more important by comparison, but there is at least one, both more puzzling and more pressing than any of them: How does the Wall Street Journal maintain such a great news section and such a terrible editorial page at the same time? Case in point.
Look, I'm not anti-economics by any means. I'm not anti-neoclassical economics. I am not a socialist. And I believe there's obviously some elasticity of income relative to tax rates, so the Laffer curve almost certainly exists somewhere and to some extent, but it ain't the curve on that graph, and the WSJ's assertion otherwise would be offensive if its mendacity wasn't so hilariously obvious. Like Sauron's ring, it wants to be found.
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2 comments:
If there's no such thing as perfect elasticity. And if static models, unlike dynamic ones, are inadequate, then isn't the whole idea of a single parabolic "curve" moronic? Aren't we left with something like one long and winding road, a squiggly pile of linguini?
All this economics talk is making me hungry.
but look in the linguini and you can find your proof! use the zoom feature.
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