By Lester C. Thurow
Written in the course of a interval of acute financial stagnation in 1980, The Zero-Sum Society discusses the human implications of monetary challenge fixing. reading macroeconomics as a zero-sum online game, Thurow proposes that the yankee economic system won't resolve its such a lot trenchant problems-inflation, gradual fiscal development, the environment-until the political economic system can aid, in conception and in perform, the concept sure participants of society should undergo the brunt of taxation and different government-sponsored monetary activities. As suitable this present day because it was once 20 years in the past, The Zero-Sum Society deals a vintage set of options concerning the most sensible method to stability govt stewardship of the financial system and the free-market aspirations of upwardly cellular americans.
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Extra resources for The Zero-Sum Society: Distribution and the Possibilities for Economic Change
Standard free market economics is based u p f w r basic as- swpGom a b u t the chwactefistics of the l a b r maket: ( 1) SkiXXs m exogenously aquise;b a d then sold h a corngetidve atrction nzwket; (2) The prdudivity of ea& indiddud worker is h a w n and fixd; (3) Each indiaual urarlter" hhapphess with his wages depeods solely upon hk own wages. workers never look to see what me getting; (4) TobI output is simply the summation of individud produetivities, ff the economy" actual oprations were b m d an &eg four h p & = $ , wage inflation and unemplopent could not exist.
Suppose a money man were to deliver $7& to your doorstep in the morning. You put m your bathrobe to go down to pick up the money along with the morning paper but find that when you get to your doorstep only $ f 6 is there. Are you happy or mad? You are $ X6 better off than you were, but you have seen the $74 and can inlagine what life would be like with it, You may even be able to convince yourself that your real standard of living has gone down. And in some psyehoIogical sense you may be worse off, Money illusion is eompunded by our puritanism, Everything we have we have earned.
Same of this additional pressun: come8 from su&ide our economic system, but much of it is generat& by demands far economic security within our eeonomi~system, Before l o o b g at the different cures for idation and who would be hurt if they were to be applied, let us look at the consequences of hfiatbn itslf, m o s e income has go% up; who% income has gage down? M a t has happened to average incomes? In addition to &Uing us who has wan and lost, an. analysis of the dist~buGanof income during a period: of infiation also tells us something &out the economy, The normal economic mechanisms for dampning i d a tion depexld upon tags and shifts in the distribution af income.