Nowhere is this more valid than in the ‘dismal science’ of economics. Some things are proved: Adam Smith was wise and a good person, who pointed out that true cooperation and productive, positive-sum competition cannot thrive without each other, or the involvement of every empowered participant in an open society. The crux of Smithian liberalism was "stop wasting talent!" Every poor child who isn't lifted to an even playing field is a crime against BOTH any decent conscience AND any chance of truly competitive enterprise. Hence, "social programs" to uplift poor kids to a decent playing field are not "socialism." They are what any true believer in market competition... or decency... would demand.
Also proved: Keynsianism mostly works, when it is applied right, uplifting the working class and boosting money velocity, while its opposite - Supply Side/Thatcherism - was absolutely wrong, top to bottom and in every detail, without a single positive effect or outcome or successful prediction to its jibbering crazy credit. Again "Supply Side" is nothing but an incantation cult to excuse a return to feudalism. (I invite wagers!)
Competition is good and creative of prosperity, but only when cooperatively regulated and refereed, like in sports, to thwart relentlessly inevitably human temptation for the rich and powerful to cheat! (Bet me on that, too. On my side is evidence from 99% of 6000 years of human history.)
If you’d like to Explore this non-left, non-right, non-dogmatic approach to using what actually works, getting the best from both competition and cooperation, you can do worse than start at the site that conveys the real Adam Smith. It shines light on how the rich and elites are often the very last people who should be trusted with capitalism!
Read the Evonomics site! For example: “Eight Reasons Why Inequality Ruins the Economy.” and “To Tackle Inequality, We Need to Start Talking About Where Wealth Comes From. The Thatcherite narrative on wealth creation has gone unchallenged for decades.”
== Doubling down on tax cuts ==
The ability of cultists to double down on the blatantly disproved is now our greatest danger. As in this dazzlingly evil-stupid call for more tax cuts for the rich.
Oh, if only we had my 'disputations arenas" or some other top venue for challenging spell-weavers to back up their magical incantations with cash! This doubling (sextupling!)-down on Supply Side 'voodoo' promotes what is by now a true and proved psychosis. Utter refusal by the tightly-disciplined Republican political caste to face truth about their 40 years of huge, deca-trillion dollar experiments in priming the industrial pump at the top.
You need to hammer this. Not one major prediction made for that "theory" ever came true. Not one, ever.
- No flood of investment in productive industry or R&D. (As Adam Smith described, the rich pour most of their tax largesse into passive rentier properties, stock buybacks, CEO packages, capital preservation, asset bubbles and now frippy "nonexistent" artworks, reducing available capital and driving down money velocity.)