More from Roy Fickling in response to a debate that centers on promoting economic growth verses a more fair and even distribution of wealth. For a bit about Roy’s experience see The Great Debate Part I You ask, “By the
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It was easy to predict that the Cash for Clunkers would only drive up sales very temporarily as the expense of future sales. Recent results have verified the sharp dropoff in auto sales when the program ended. It was also
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The editors of National Review note the destructive aspects of the cash-for-clunkers program in “Uncreative Destruction”. read it here. If there is one absolute rule in economics it is that everything has a cost. What were ‘clunkers’ to the program
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The cash for clunkers is a clear example of the economic fallacy known as Bastiat’s fallacy. We see the results of the expenditure- a sharply increase in auto sales- but we ignore the real cost of the program because we
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