The growth of wealth comes via the accumulation of capital — i.e. ever more productive and mutually coordinated production goods, created by skilled and intelligent workers and entrepreneurs.
It doesn’t come via the accumulation of debt or via the consumption of the seed corn.
[UPDATE: see now related postings by Russ Roberts and Arnold Kling. . . . → Read More: Hayek was not a big fan of “supply side” economics
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