Wednesday, October 19, 2011

Copernican Revolution in economics

I don't really think that the Copernican Revolution was that important, but I write about anyway because it is such a big cultural metaphor.

The following exchange took place yesterday on the CNBC Kudlow Report:
Steve Forbes: We need a Copernican Revolution in economics because the Sun does not revolve around the Earth, government spending does not revive economies; reducing the tax burden and the price of good things like productivity, and work and risk-taking, those are the ways you get an economy moving.

Robert Reich: Let's have a Copernican Revolution in the sense of just saying things on television doesn't make them true.
I guess the point is that Forbes would rather focus on private sector growth, and Reich would rather focus on govt spending.

As a metaphor, the Copernican Revolution is often used represent a more enlightened perspective.

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