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Zombie ideas" is a term used to describe theories or concepts that, despite being debunked or disproven, continue to persist in public discourse and policy debates. They are called "zombie ideas" because they refuse to die, much like zombies in popular culture. In the context of the book "Arguing with Zombies", the author, Paul Krugman, uses this term to critique certain persistent economic theories. For example, the idea that tax cuts for corporations will lead to significant business investment is considered a "zombie idea" because it continues to influence policy despite evidence to the contrary.
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Corporations primarily use tax cuts to buy back their stock instead of adding jobs and expanding capacity. This is because business decisions are a lot less sensitive to tax rates than what the proponents of the low tax theory claim. Business investment is instead driven by perception about the market demand. Not many potential business investments are worth doing at a 21% profit tax that was not worth doing at the previous 35% rate. A substantial portion of corporate profits represents rewards to monopoly power instead of returns on investment, making a tax cut more of a giveaway than a reason to invest.
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“Zombie ideas” simply refuse to die despite mountains of evidence to disprove them. How do you fight them? Paul Krugman, Nobel Prize winner in Economi...
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