The notion of "trickledown economics" was flawed from "summary" of The affluent society by J.K. Galbraith
The idea that wealth magically trickles down from the rich to the poor is not just flawed, but downright absurd. This concept, often championed by advocates of laissez-faire capitalism, suggests that by allowing the wealthy to accumulate vast amounts of money, everyone else will somehow benefit. However, as I have argued time and time again, this theory is nothing more than a myth perpetuated by those who seek to justify their own greed. In reality, the rich tend to hoard their wealth rather than share it with those less fortunate. This hoarding of resources leads to a widening gap between the wealthy elite and the rest of society, creating a stark divide between the haves and the have-nots. As a result, the middle and lower classes are left struggling to make ends meet while the rich continue to amass e...
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