Admirably Succinct,

young Yglesias is:

The conservative approach to development is basically to say that if we have very low taxes, no regulation, and no public services then business will be booming. Progressives say, no, that creating an environment with a public sector that’s robust enough to provide first-rate infrastructure, high-quality education, and a healthy workforce will attract more than enough business opportunities to make up for whatever negative impact is caused by higher tax rates.