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Bloomberg

Don't Be Seduced by Zero-Sum Thinking About the Economy

One idea unites the left and right lately: a zero-sum view of the world. Unfortunately, nice as it would be to hail a rare instance of ideological harmony, both sides are very much mistaken. The zero-sum view manifests itself in both rhetoric and policy, with the left aiming to redistribute from the rich to the poor, and the right from foreigners to natives. This is a strange preoccupation, since today's world economy is not zero sum. It is not without its problems — there are pockets of scarcity and widespread uncertainty — but real wages and wealth are increasing, as is our standard of living.