Taxes or Debt?
by Naresh Jotwani
Posted March 6, 2020
Economists define ‘the wealth of a society’ as its total stock of useful assets – homes, cars, buildings, roads, factories, cattle, money, gold … et cetera. Let us call this definition D1.
A definition serves merely as a starting point for a logical exploration of related ideas. However – and necessarily – the direction which the exploration takes depends on the definition. In any discussion of ideas, a conscious effort is needed to understand how it is influenced by the definitions of its basic terms.
Furthermore, by questioning the basic definitions underlying a discussion – and trying out alternative definitions – one is able to explore a broader range of ideas, to think ‘out of the box’. More…