● Life after Capitalism: The Meaning of Wealth, the Future of the Economy, and the Time Theory of Money
George Gilder
Review via RealClearMarkets.com
Though Gilder penned what many view as the underlying philosophy of supply-side economics with the brilliant Wealth and Poverty in 1981, in his spectacular 2013 book Knowledge and Power Gilder began to question the “incentive” economics that at least on the surface informs supply-side.
To Gilder, wealth is the creation of information, and individual tax rates arguably aren’t as relevant there, particularly in technology. We’re talking about people obsessed with inventing the future. The latter tells us they too aren’t checking individual tax rates ahead of time before deciding whether to work at the Post Office or start a new business. About the Post Office, a card-carrying, well-regarded and well-published supply sider once literally told me that high tax rates would cause our greatest entrepreneurs to take jobs in the Post Office…About all this, tax rates DO matter. Big time. That supply is the source of all demand is a tautology. But tax rates arguably aren’t the work catalyst for the reasons long expressed by supply siders.
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