Re: Tax Cuts Don't Boost Revenues

On Feb 26, 4:23 pm, Jeffrey Turner <jtur...@[EMAIL PROTECTED]
> wrote:

>"In fact, consumption does not decline as incomes
> generally rise" in your words, is off his bird.  Can you point me to
> some quotes of Friedman?

http://www.econ.nyu.edu/user/bisina/meghir%20on%20friedman.pdf
---
Friedman's book on the "Consumption Function" is one of the great
works of Economics demonstrating how the interplay between theoretical
ideas and data analysis could lead to major policy implications. We
present a short review of Friedman's Permanent Income Hypothesis, the
origins of the idea and its theoretical foundations. We give a brief
overview of its influence in modern economics and discuss some
relevant empirical results and the way they relate to the original
approach taken by Friedman.
---

Though I am surprised that you denounced Friedman's theory before
you've even studied it. Well, not really.

> What about NeXT?

Inverse takeover of Apple.

NeXT was a great company that was about 2-3 years too late to its
market and crippled by a few Jobsian style choices, like the cube and
the then-immature optical media. But of course the software is the
basis for the current OS X.

Jobs has Apple (twice) and Pixar under his belt, both billion-dollar
companies.

> Every recession seems to bring on another round of start-ups.

that isn't a refutation that a there are a limited number of people
with the skill and outlook to pull off a startup.


> They attracted capital, that doesn't mean it's anywhere near as hard
> as playing third base and hitting .300 in the majors.  

Uh, startups don't have huge staffs sup****ting everything. By their
nature startups are usually selling a completley new product, and it
is rarely clear through the entire process what the product's niche
will actually be.

Have you ever done a startup, as an employee or principal?

> So a failure is as good as success in attracting funding?  Sounds like
> it's a skill that can be learned like any other.

If it's a _good_ failure. Blowing the VC money on hookers and blow is
not a good failure. Getting steamrollered by another company can be a
sign that the management team was fine but events simply overcame
them. Most new businesses fail, so it's not surprising that many VC-
funded companies fail. In SV failure is not regarded as the mark of
Cain and if the VCs still feel good about you you can get another
quarter to play another game of pinball.