Wednesday, 16 January 2013

economics must be taught!

... we live in a society plagued by an activist government. Unlike other scientific disciplines, the basic truths of economics must be taught to enough people in order to preserve society itself. It really doesn't matter if the man on the street thinks quantum mechanics is a hoax; the physicists can go on with their research without the approval of the average Joe. But if most people believe that minimum wage laws help the poor, or that low interest rates cure a recession, then the trained economists are helpless to avert the damage that these policies will inflict on society. (p8-9 Lessons for the Young Economist - Robert Murphy)

An intriguing evangelistic shape to this: ('only economics can save us')! But still very interesting nonetheless and hard to argue against the importance of studying the real exchanges of real people in all their vast array. I thought economics was dull and irrelevant when I chose not to study it at school. How wrong I was. 

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