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Alasdair Macleod: Now we're all working for the state
By Alasdair Macleod
Thursday, May 18, 2023
A consequence of increasing economic intervention by the state is that we are now expected to breed more taxpayers in future and draw down on our state pensions for less time. Our productivity must be improved as well, thereby maximising our state's tax revenues.
With respect to the democratic process, is this really what we have signed up for? It is hardly surprising that we are losing individual freedom. We are now working for the state, instead of the state working for us.
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This role inversion is the logical outcome of turning our backs on free markets and ceding a role to the state in the management of our personal and economic affairs. And it is further justified by statistical analysis that supports the role of the state, but on examination turns out to be thoroughly misleading.
In this article, I comment on the economics of population growth as discussed by mainstream economists, show how we are being badly misled by productivity statistics, and by the true value of GDP which is to enable the state to estimate future tax revenue.
But the states' habitual predation on their private sectors is coming to an end, because it will become impossible to finance. The end of the long-term trend of falling interest rates will see to that. ...
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