Ed Conard on Why Buffett Is Wrong
Edward Conard, author of Unintended Consequences, responds to Warren Buffett's op-ed calling for higher taxes:
If we tax, redistribute and consume income that otherwise would have been invested, the investable pool of savings declines. With a smaller pool of capital, less-attractive investment opportunities remain unfunded. Buffett tautologically claims investors will continue to invest in opportunities with expected returns above the cutoff point. Of course they will. Investment is lost at the margin.
Mr. Conard, like a number of other center-right figures, credits the federal interstate highway system for generating growth in the 1950s. I've got my doubts about this, as outlined here and here.
by Editor | Dec 4, 2012 at 6:49 am
Related Topics: Taxes, Warren Buffett
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