I literally had a dream about taxing the rich last night. And while I don’t necessarily have a firm position on tax, I think there’s more to the picture than just tax or no tax.
I believe an honest major issue in regards to tax politics in America is that majority of the people who throw their rage of attacks on the “leftist liberals” is that they don’t truly understand how tax works in America—Marginal tax bracket.
And believe it or not, there’s actually an economic benefit (called Laffer curve) to the recently quoted 70% tax on the ultra rich ($10 million+)
Look out for a future DTF post where I try to shed some more light on this entire issue.
I’m probably like most people around my age that live on the West Coast in Canada:
Liberal–at least socially.
Scorns at hate crimes and racial bias
Low-key panicking about global warming and the inevitable doom of our environment
Cares about charity and curing poverty
And probably have a few not-to-kind things to say about Trump
But a part of me realizes that I complain too much
The inner economist realizes that the world isn’t as black and white as we’d like it to be. And the world doesn’t care about opinions or complaints; the world cares about facts, data, statistics, and results.
“If morality represents how we would like the world to work, then economics represents how it actually does work.” – Freakonomics
The great thing about studying economics though, particularly if you also study politics and behavioral economics, is that you begin to understand the world a lot better. You begin to grasp the concept of incentives, of society, of the rationality (and irrationality) behind human decisions.
I think it would be a disservice to myself if I didn’t continue my passion for studying economics, as well as the “moral” aspect of the world. Maybe then, in the future, I won’t need to be talking about the pressing issues of the world; instead, I’ll be able to discuss the solutions we can apply to fix those issues.
[Freakonomics: A Rogue Economist Explains the Hidden Side to Everything] – by Stephen J. Dubner and Steven Levitt was a great book.
It was different. And I liked it.
Freakonomics makes you look at the world in a different way. The book explores the real reasons for the 1990s crime drop, information asymmetry, real estate agents, correlation vs. causation, and, most importantly, in the introduction, which discusses the fundamental principles of incentives. From then on, each chapter focuses on answering, or more so addressing an unusual question.
Continue reading “[Book Review] Freakonomics”