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Cato Institute Economic Myths Discussed

Cato Institute Economic Myths Discussed

I happened across Cato Institute’s 20 Economic Myths. 20-Market-Myths-Cato-Institute-2007Download Cato defines “Myths” as. those statements that simply pass for obviously true, without any need for argument or evidence. Further, they believe that only...

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse [generous amounts of money] from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, which is always followed by a dictatorship.”

1787 – Scottish historian, Sir Alexander Fraser Tytler): “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse [generous amounts of money] from the public treasury. From...