They don’t know anything. Anything at all.
“Mike Bloomberg spent enough on his campaign to give every American $1 million.” @BWilliams on @11thHour @MSNBC pic.twitter.com/iBsWvqEIHf
— Bad Econ Takes (@BadEconTakes) March 6, 2020
Mass Production Equals Mass Consumption
[R]elative shares in national income have remained substantially constant over the last hundred years. This, however, is true only if we measure them in money. Measured in real terms, relative shares have substantially changed in favor of the lower income groups. This...