Sheldon Richman takes economic cargo-cultism to task in a recent article:

Saving and paying off debt are generally seen as wise for individuals, so it makes no sense that they are bad for society as a whole. Yet that is what we our “leaders” expect us to believe.

Ask yourself: can you consume your way to prosperity? Of course not. So how can a society do so? Greater consumption is the effect not the cause of economic growth, yet this is so contrary to conventional wisdom that you can read newspapers and watch news programs for months without seeing this truth expressed.

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