by Robert P. Murphy, Mises.org:
In the final section of Human Action, Ludwig von Mises stressed the importance of all citizens to acquaint themselves with the findings of economic science. Unlike physics or engineering — where the scientists could safely continue with their advancements, whether or not the average person understood how they worked — economic policies as enacted by governments will ultimately rest with public opinion. No matter how decisively the great classical economists destroyed the case for mercantilism centuries ago, we still suffer from tariffs because most people want to “save jobs” by keeping out “cheap foreign imports.”
Indeed, just about all of the “public issues” of today are crucially dependent on an understanding of sound economics, including ObamaCare, Bitcoin, quantitative easing, the trillion-dollar platinum coin, so-called “green” energy initiatives, and the “sequester.”
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