Postscript

Chapter 10 shows the commonality between other economic propositions and the two economic beliefs that are at the heart of this book, that U.S. markets are competitive and that the primary responsibility of corporations is to make money for its shareholders. Many people believe statements just because economists make them. Some people take these statements to be absolute truths, even though they are only opinions drawn from economic narratives disputed by many economists. Yet, despite this rejection, policymakers, members of the media, and laypeople still believe that they are true. John Quiggin and other economists refer to these views as “zombie economics” because they “still walk among us.” The chapter considers three of these: trickle-down tax policy, austerity, and privatization. No serious economist supports trickle-down tax policy, while the benefits of the other two propositions are disputed by a good number of economists. One of the lessons of this book is the need to question economic propositions put forth by policymakers as the absolute truth.