24 books
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2 voters
Austrian Economics
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The first people to get the new money are the counterfeiters, which they use to buy various goods and services. The second receivers of the new money are the retailers who sell those goods to the counterfeiters. And on and on the new money ripples out through the system, going from one pocket or till to another. As it does so, there is an immediate redistribution effect. For first the counterfeiters, then the retailers, etc. have new money and monetary income they use to bid up goods and service
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People are not embracing collectivism because they have accepted bad economics. They are accepting bad economics because they have embraced collectivism.
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