There are three major problems with trickle-down economics. First, the fact that nobody wants a poxy trickle of wealth filtering through to them in the cheap seats down below. A trickle? Not acceptable. "Thanks for that trickle!" are the words they will never cry. Luckily, there is a better and faster way to Get Rich Quick.
The world looks like a rational place, everything functioning according to immutable universal principles, economies growing and people thriving as they experience lives of increasing abundance…until you bring in the twin notions of Justice and Equality. That’s where it all begins to unravel.
Poor Thomas Stuart. He must have been suffering from a grave mental affliction. Why else would he try to stand on his own two feet and subsist on his own wages, in conditions where he obviously needed help in order to attain a higher standard of living?
Corporations like Uber and Amazon are the byword for innovation and technological advances - the app to connect drivers with passengers, the ability to obtain virtually anything under the sun within minutes, and ultimately, of course, the driverless car. Such corporations do not make it easy to regulate work. It's almost as if they're so busy innovating, and creating opportunities for many workers to earn a wage and hence be less poor, that they haven't taken a moment to spare a thought for the regulatory challenges.
It's very easy to argue that rich people should be made to pay for the stuff other people want, because they're rich and they can afford it. This is usually justified as being necessary for the public good.
Everybody knows the one about Adam Smith and the selfish baker who, like, wait for it . . . makes people pay before they eat his bread. Dirty money changes hands. I know, shocking.
Let's start by blasting all the bankers into outer space. What could go wrong?
Banker-bashing is great fun, because nobody likes bankers (even bankers avoid other bankers at dinner parties). The main reason for public interest in the recent RBS litigation was that everyone wanted to see Sir Fred the Shred in the dock, being asked awkward questions by the shareholders' lawyer.
What happens when we let untidy and chaotic markets fix wages?
Markets are not very neat and tidy. They are smelly, chaotic and full of poor people hustling for their next dollar, selling produce for slim profits that will never bring them closer to the salaries earned by bankers.