from Economic Noise:
The second installment of Inconvenient Observations appears below:
If Karl Marx can be blamed for the carnage caused by his ideas, why can’t John Maynard Keynes be held accountable for the pain and suffering of his?
Politics is submission on an installment plan.
The history of price controls is one of universal failure and unnecessary suffering. Minimum wage legislation and the setting of interest rates by the Federal Reserve are current examples of such folly.
Until you see 16 year olds in the fifth grade, don’t believe the education system is truly educating.
Economics was a useful study of the behavior of markets and people until it was co-opted by the State as the primary means of aggrandizement.
Political actions to avoid an economic depression in the US were possible in the last fifteen years. But such action would necessarily admit error and diminish State control, neither of which is considered politically palatable. Instead, more coercion and deception made the politically and economically difficult into the now mathematically impossible.
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