{"id":2297,"date":"2009-09-24T11:44:36","date_gmt":"2009-09-24T15:44:36","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=2297"},"modified":"2009-09-24T11:46:32","modified_gmt":"2009-09-24T15:46:32","slug":"emphasis-on-growth-is-called-misguided","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2009\/09\/24\/emphasis-on-growth-is-called-misguided\/","title":{"rendered":"Emphasis on Growth Is Called Misguided"},"content":{"rendered":"<p>Follow <a title=\"New York Times Story\" href=\"http:\/\/www.nytimes.com\/2009\/09\/23\/business\/economy\/23gdp.html?_r=1&amp;ref=business\" target=\"_blank\"><strong>this link<\/strong><\/a> to the New York Times report. The report is best summed up by the following paragraph from the story:<\/p>\n<blockquote><p>In a provocative new study, a pair of Nobel prize-winning economists, Joseph E. Stiglitz and Amartya Sen, urge the adoption of new assessment tools that incorporate a broader concern for human welfare than just economic growth.<\/p><\/blockquote>\n<p>This story resonates with what I recently read in the book <a title=\"Book review\" href=\"http:\/\/www.ssgreenberg.name\/Books.php#EconomicNaturalistsFieldGuide\" target=\"_blank\"><strong>The Economic Naturalist&#8217;s Field Guide: Common Sense Principles for Troubled Times<\/strong><\/a> by Robert H. Frank.<\/p>\n<p>One of the points that he made was that the recent tax cuts for the wealthy may have increased their income, but did not necessarily make them any better off (happier). He cites the case of the 10 million dollar birthday party.\u00a0 The parent was trying to give the child a memorable birthday party.\u00a0 Before the bubble in wealthy people&#8217;s income, a 500 thousand dollar birthday party might have been enough to do the trick.<\/p>\n<p>It is just a case of too many dollars chasing too few goods in a particular sector of the economy.\u00a0 Like any bubble, it makes the price higher, but you don&#8217;t get any more value for your money.\u00a0 The same is true of the housing bubble.<\/p>\n<p>When the Republicans try to stimulate a part of the economy that is already overheated as they are wont to do, it just raises the prices in that segment without producing any lasting benefit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow this link to the New York Times report. The report is best summed up by the following paragraph from the story: In a provocative new study, a pair of Nobel prize-winning economists, Joseph E. Stiglitz and Amartya Sen, urge the adoption of new assessment tools that incorporate a broader concern for human welfare than [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-2297","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/2297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=2297"}],"version-history":[{"count":2,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/2297\/revisions"}],"predecessor-version":[{"id":2299,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/2297\/revisions\/2299"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=2297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=2297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=2297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}