question about the National Debt for all of you economist types....

[jmowreader]

5. I find relying on any macroeconomic theory to be a singularly unsatisfying experience

Classical economist Jean-Baptiste Say wrote the "Law of Markets," which says aggregate production necessarily creates an equal quantity of aggregate demand. Says Monsieur Say,

"A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its value.

As each of us can only purchase the productions of others with our own productions - as the value we can buy is equal to the value we can produce, the more men can produce, the more they will purchase."

I believe anyone can see the logical fallacy of that statement: What if you produce that which no other man desires to buy? You and I can sit there and filet beef rectums for weeks on end but never have the value of that we can buy be equal to the value we can produce because people wouldn't eat asshole even if you paid them.