ABSTRACT
This chapter explains the knowledge of housewife. The prudent and dutiful housewife who never spends more than she earns attracts the admiration of voters. But when the government acts like the housewife, it merely starves us of production. The point is that it doesn't show what Clegg and Thatcher want it to show. In Clegg's scenario the family can easily spend 32,000 dollars a year from its 26,000 dollars income; all it needs to do is issue 6,000 dollars worth of IOUs per year that it does not redeem. In the latter case deficit spending leads to inflation, and so Clegg would be right to claim that the sensible course must be spending cuts, so long as income is non-negotiable, though not for the reason he thinks. For all it says the family might own half of society's wealth, while its IOUs are trusted and coveted throughout the land.
