Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Men are expendable; women and children are not. A tribe or a nation can lose a high percentage of its men and still pick up the pieces and go on, as long as the women and children are saved. But if you fail to save the women and children, you've had it, you're done, you're through! You join Tyrannosaurus Rex, one more breed that bilged its final test.”     Robert A. Heinlein,    Address at the U.S. Naval Academy April 5, 1973

November 29, 2005

Economics Is Fun Too!

by Eric

So, I was reading Patri Friedman’s interview with Tim Harford, author of The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor–and Why You Can Never Buy a Decent Used Car!. And I ran across this gem:

Patri: Why is it important to educate people about economics?

Tim: We can all think of ways in which the world would be a better place if people knew a little bit more about the basics, but that’s not why I write. I write about economics because I love it and I want other people to love it too. I’m just having fun.

Just imagine if folks actually understood, for example, that if I own something I can set whatever price I want for it, and interfering with that ability on my part is violating my right to property. Or maybe understanding, as my fellow blogger, Doug, does, that when Wal-Mart costs low income wage earners $4.7 billion in wages, but then provides them with $50 billion in reduced consumer costs it is a net win for folks earning under $35,000/year. Or, imagine if they actually understood that repairing hurricane damage is not a net gain for the economy. I won’t go on boring you with my silly examples of the good that might come out of it.

Instead, how about this thought. Each and every one of us is part of the economic system every day. We enjoy it. We like to earn money, get good deals, purchase goods and consume services. Economics is fun. Imagine how much more fun it would be if you understood it!

Oh, while I was at it, I discovered that Tim has a blog! Go check it out.


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