I took the line that in saying that in the long run we’re all dead is tantamount to saying we don’t care about the future and shouldn’t plan for it. Those who want us to use big government to ‘stimulate’ the economy by massive spending are sending us up a blind alley. Growth comes from investment designed to meet real anticipated demand in future.
Investment happens when we forego present consumption, using resources instead to generate future returns. When government pours money into the economy it sends false signals about real demand and the cost of credit. Investment goes into the wrong areas and “surge is followed by slump.” I was on the winning side again, and the motion was defeated by a narrow margin.
I did get to see something of Dublin, including a trip to the Guinness Storehouse where the stuff is brewed, and I tried a sample in the seventh floor Gravity Bar…
Filed under: Updates |
Madsen Pirie 