Of Smith, Chin, and Gonzales

Judging by the remedial, tediously redundant treatment of math in my macroecon textbook, I assume that it is meant for business majors. So it’s great to know our future captains of industry are reading passages like this one (on the “multiplier effect”):

First, the economy supports repetitive, continuous flows of expenditures and income through which dollars spent by Smith are received as income by Chin, then spent by Chin and received as income by Gonzales, and so on.

Notice how this apparent attempt at multiculturalism implies an income hierarchy reinforcing ethnic stereotypes and supports a paternalistic, trickle-down theory of wealth creation at the same time?

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