January 16, 2008
Economic Illiteracy
How much of what people currently believe the role of the government should be is based on a faulty sense of economics?
For example, I have a friend who will admit that raising the minimum wage will likely raise unemployment as well. It's a simply economic principle. But, his contention is that it is still worth it.
I can appreciate that viewpoint even though I disagree with it, because it's honest. It's the people who say we can raise the minimum wage, and everyone will make more money with no consequences that drive me crazy.
Why are most economists conservative? Are they all inherently greedy? Or are they simply more aware of the effects of fiscal policy?
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