tag:blogger.com,1999:blog-2761684730989137546.post1618258902807429718..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: The Price of Economics — Peter Radfordmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2761684730989137546.post-71733062887986426042022-09-21T19:45:52.461-04:002022-09-21T19:45:52.461-04:00“Stability creates instability!” …. “genius!”
“Stability creates instability!” …. “genius!”<br /><br />Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-41911282687921726642022-09-21T17:24:09.423-04:002022-09-21T17:24:09.423-04:00“Economics is haunted by more fallacies than any o...<i> “Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine - the special pleading of selfish interests. While every group has certain economic interests identical with those of all groups, every group has also, as we shall see, interests antagonistic to those of all other groups. While certain public policies would in the long run benefit everybody, other policies would benefit one group only at the expense of all other groups. The group that would benefit by such policies, having such a direct interest in them, will argue for them plausibly and persistently. It will hire the best buyable minds to devote their whole time to presenting its case. And it will finally either convince the general public that its case is sound, or so befuddle it that clear thinking on the subject becomes next to impossible.<br /><br />In addition to these endless pleadings of self-interest, there is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of man to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences.”</i><br /><br />— Henry Hazlitt, Economics in One LessonAhmed Fareshttps://www.blogger.com/profile/07105255828394485657noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-11242398683640859072022-09-21T09:06:20.024-04:002022-09-21T09:06:20.024-04:00Politics is a branch of sociology. Sociology is no...Politics is a branch of sociology. Sociology is not a hard science.Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-9599514359130545902022-09-21T06:20:23.213-04:002022-09-21T06:20:23.213-04:00Economics is politics, pure and simple. Is politic...Economics is politics, pure and simple. Is politics science? No.mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-69848802160817329332022-09-21T06:19:46.346-04:002022-09-21T06:19:46.346-04:00If economics were a mathematical science it would ...If economics were a mathematical science it would get things right and make them work. Just like mathematics and physics allow us to build airplanes that actually fly and don't fall out of the sky.mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-79217347969380266262022-09-21T05:04:06.734-04:002022-09-21T05:04:06.734-04:00If it has political implications, it must be hijac...If it has political implications, it must be hijacked...Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.com