Let's begin with the bottom line: social science ain't science.
As a general rule...the longer one remains in university studying social science....
...the dumber one becomes.
1. Now....with respect to 'economists,' particularly:
When Albert Einstein died, he met three New Zealanders in the queue outside the Pearly Gates. To pass the time, he asked what were their IQs.
The first replied 190. "Wonderful," exclaimed Einstein. "We can discuss the contribution made by Ernest Rutherford to atomic physics and my theory of general relativity".
The second answered 150. "Good," said Einstein. "I look forward to discussing the role of New Zealand's nuclear-free legislation in the quest for world peace".
The third New Zealander mumbled 50. Einstein paused, and then asked, "So what is your forecast for the budget deficit next year?"
—The Economist, June 13th 1992, p. 71).
2. The brilliant Donald J. Boudreaux,was an Assistant Professor of Economics at George Mason University from 1985 to 1989. He was an Associate Professor of Legal Studies and Economics at Clemson University from 1992 to 1997, and President of the Foundation for Economic Education from 1997 to 2001. He is now Professor of Economics at George Mason University, where he served as chairman of the Economics Department from 2001 to 2009 (Donald J. Boudreaux - Wikipedia, the free encyclopedia)
.....and an exception to the above rule.
3. Boudreaux, in a recent column, answered this question: "What is [the] most ridiculous economic fallacy that is believed by a significant number of professional economists?"
His response....
"(5) The idea that government-subsidized health care will lower the cost of health care.
(4) The notion that government must have monopoly control over the money supply in order to ensure sound performance of the economy.
(3) The belief that large differences among people in monetary incomes or monetary wealth reflect some "market failure" that ought to be "addressed" by the state.
(2) The blind faith that government officials in democratic societies can be trusted to exercise power over people who economists do not trust to make choices for themselves.
(1-b) The notion that welfare payments (other than EITC) "subsidize" employers by pushing workers’ wages lower.
(1-a) The notion that the minimum wage is, or can practically be, a boon to all low-skilled workers.
Each of these notions reflects not only an ignorance of history but also an utter failure to grasp basic price theory."
5 Myths Many Economists Believe | Donald J. Boudreaux
If more American voters were educated about these myths.....there would never be another Liberal, Progressive, Democrat elected in this nation.
If only.
As a general rule...the longer one remains in university studying social science....
...the dumber one becomes.
1. Now....with respect to 'economists,' particularly:
When Albert Einstein died, he met three New Zealanders in the queue outside the Pearly Gates. To pass the time, he asked what were their IQs.
The first replied 190. "Wonderful," exclaimed Einstein. "We can discuss the contribution made by Ernest Rutherford to atomic physics and my theory of general relativity".
The second answered 150. "Good," said Einstein. "I look forward to discussing the role of New Zealand's nuclear-free legislation in the quest for world peace".
The third New Zealander mumbled 50. Einstein paused, and then asked, "So what is your forecast for the budget deficit next year?"
—The Economist, June 13th 1992, p. 71).
2. The brilliant Donald J. Boudreaux,was an Assistant Professor of Economics at George Mason University from 1985 to 1989. He was an Associate Professor of Legal Studies and Economics at Clemson University from 1992 to 1997, and President of the Foundation for Economic Education from 1997 to 2001. He is now Professor of Economics at George Mason University, where he served as chairman of the Economics Department from 2001 to 2009 (Donald J. Boudreaux - Wikipedia, the free encyclopedia)
.....and an exception to the above rule.
3. Boudreaux, in a recent column, answered this question: "What is [the] most ridiculous economic fallacy that is believed by a significant number of professional economists?"
His response....
"(5) The idea that government-subsidized health care will lower the cost of health care.
(4) The notion that government must have monopoly control over the money supply in order to ensure sound performance of the economy.
(3) The belief that large differences among people in monetary incomes or monetary wealth reflect some "market failure" that ought to be "addressed" by the state.
(2) The blind faith that government officials in democratic societies can be trusted to exercise power over people who economists do not trust to make choices for themselves.
(1-b) The notion that welfare payments (other than EITC) "subsidize" employers by pushing workers’ wages lower.
(1-a) The notion that the minimum wage is, or can practically be, a boon to all low-skilled workers.
Each of these notions reflects not only an ignorance of history but also an utter failure to grasp basic price theory."
5 Myths Many Economists Believe | Donald J. Boudreaux
If more American voters were educated about these myths.....there would never be another Liberal, Progressive, Democrat elected in this nation.
If only.
Last edited:
