Nope.
We do not live in a genuine capitalistic system.
I don’t think economics is a science.
Heck, I don’t think economics is a “thing”.
It’s just politics. And rent control and minimum wage laws can be political tricks that garner votes. It’s just not about “economics” at all.
Well .....
Obama has proven, once again, that socialist wealth redistribution doesn’t work.
Economics only works when there are There are true measures for goods and services exchanged. Once credit gets thrown in and the checks and balances start going awry with voodoo economics and people start skirting the system can derail. Throw an the MSM reporting false evonomic data and socialism with politicians leeching off the system and you have a recipe for disaster. The real truth is so many companies and governments don’t know where they truly stand financially or there not going report it. It’s like we have a massive poker game and everybody is using their best poker face to fool the other so they won’t call and collect and we are in a precarious position because of it. Just my .02 and an oversimplification but hopefully somewhere close.
make me wonder if the economics profession has failed to educate the public in the most elementary economic lessons.
Isn't Sowell a NeverTrumper?
Anyway...
This clearly shows how the conservative establishment and intelligentsia completely live in a bubble.
The notion that the public knows ANYTHING about basic economics is laughable.
Most people in America can barely read and write.
There are articles on this forum TODAY about how nearly ALL college age students have ZERO knowledge of American history and can barely read and write.
And Sowell is lamenting the fact that the public doesn't understand the finer points of economic theory?
PUHLEEZE.
Sowell: Has Economics Failed?
Yes. Yes, it has. How can any policy engine, whether economic, political, or whatever, be said to have succeeded while people stupid enough to be liberals still are stealing oxygen that normal good people could be utilizing?
“That is how you get ill-informed voters who support price controls of many kinds, without understanding that prices convey economic realities that do not change just because the government changes the prices. It is as if someone’s fever was treated by putting the thermometer in cold water to bring the temperature reading down. You don’t get more housing with rent control.”
Is there a more clear thinker and writer on the vital public policy issues in America today? I can’t think of one.
I wish Professor Sowell a long, long life.
It’s already on two broken legs with the Wal-Mart business model (trade full-time American jobs for cheap Chinese junk goods and pray there are still enough Americans who can afford them) and now automation that threatens to cut the bottom rung off the job ladder
You can’t damn have a functional economy when young people have no reliable way to get job experience and their parents are in danger of losing their own jobs to some near-slave labor overseas.