Comment Re:Economics in one Lesson (Score 1) 147
For god sakes, you can't do economics in one lesson. Can you do Physics in one lesson? I'm not an economist, but I've read enough to know there is considerable controversy within the field. Just because one person made an argument one way, and that person may or may not be an articulate and eminent economist, does not mean there are not other opinions on the matter.
Without getting into a full discussion of the merits of Post-Keynsian (which favors intervention) vs. Chicago-style economics, let me just say that the advocates of free markets seem to base their arguments on "This makes sense so it must be true"! type statements instead of empirical evidence backing up their theories, which is what science is supposed to be. Also, they believe in the pure morality of keeping everything you make, ignoring that people make money based on luck, privilege, and immoral business dealings in addition to honest hard work and talent. This also ignores the plight of hard working people who happen to be hit in a bad sector of the economy.
Without getting into a full discussion of the merits of Post-Keynsian (which favors intervention) vs. Chicago-style economics, let me just say that the advocates of free markets seem to base their arguments on "This makes sense so it must be true"! type statements instead of empirical evidence backing up their theories, which is what science is supposed to be. Also, they believe in the pure morality of keeping everything you make, ignoring that people make money based on luck, privilege, and immoral business dealings in addition to honest hard work and talent. This also ignores the plight of hard working people who happen to be hit in a bad sector of the economy.
