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Quotation of the Day…

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… is from page 126 of Deirdre McCloskey’s superb 2019 volume, Why Liberalism Works: How True Liberal Values Produce a Freer, More Equal, Prosperous World for All [2]:

Non-economists think that economics is about “keeping the money circulating.” And so they are impressed by the claim by the owner of the local sports franchise that devoting tax dollars to a new stadium will “generate” local sales and “create” new jobs. To a non-economist the vocabulary of generating and creating jobs out of unthrifty behavior sounds tough and prudential and quantitative. It’s not. It’s stupid. No economist of sense would use such locutions. Indeed, you can pretty much depend on it that an alleged economist on TV is a phony if she talks of “generating” or “creating” jobs.

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