Episode 234: Errors We Repeat in Economics
Words & Numbers
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The Rich Don't Hold Their Wealth in the Form of Cash Under the Mattress
The wealthy don't hold their wealth in the form of cash under the mattress, he says. It's in financial instruments, stocks, and bonds; some of it's in the forms of money. All of that wealth is available to other people who are spending it on things such as college tuition or a house. The whole thing derives from a complete misunderstanding of how economics works, writes Paul Waldman.
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