Tag Archives: Adam Smith

The economics of government spending on architecture

We’ve been in all-out government-slashing mode since last year’s elections. The dialogue goes something like this:

Democrat: Let’s cut spending to reasonable levels and figure out ways to pay for what we really need.

Republican: Let’s brutally slash spending on programs that help people and then cut taxes for rich people!

Can someone remind me again why Americans elect Republicans? Even the most intelligent conservative economists understand that what Republicans in Congress are currently proposing would damage the economy and help only the wealthiest. Even the Wall Street Journal editorial page, that lonely voice of intellectual conservatism, has taken a step back from its usual cheerleading of antitax-ism.

Some basic economics — and how they tell us that government should spend money on public goods like civic architecture — after the break. Continue reading

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