A mythical creature returns for Halloween
Today is Halloween, and a mythical creature was resurrected in a humorous tweet which was repeated by a certain Cumbrian journalist. The mythical creature I am writing about is the person who believes in the "trickle down economics" straw man. This is the idea that if you give more money to the rich some of it will "trickle down" to the poor. I have never met anyone who believes this, but I have come across many people who are under the false impression that other people believe it. In the words of the distinguished US economist Thomas Sowell, in his book "Basic Economics" "Whether in the United States or in India, and whether in the past or in the present, ‘trickle down’ has been a characterisation and rejection of what somebody else supposedly believed. Moreover, it has been considered unnecessary to cite any given person who had actually advocated any such thing." "The phrase ‘trickle down’ often comes up in discussions of tax p...