from Daily Reckoning.com:
In a recent article in the NY Times Op-Ed section, economist Paul Krugman points out that in the time it was most needed, economics failed. Let’s first start by defining economics. According to Webster, economics is:
A science concerned with the process or system by which goods and services are produced, sold, and bought
In my book, E$caping Oz, I derived four economic laws to help readers understand some basic truths about some of the things occurring in the economy. My fourth economic law says:
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