There are a few irrefutable laws of basic economics that are understood by practically everyone. When the price of a good rises, people will buy less of it. This is common knowledge to anyone who has bought anything ever. There is also the law of unintended consequences which states that actions, laws, and policies often have secondary effects that differ from the original actions intentions. We have seen this inevitably played out in most laws passed by Congress. Both of these ideas have been around for thousands of years and the father of economics, Adam Smith, articulated them himself...
Breaking news in LA Times ********* Gas make car go ********** higher price gas make people have less money to spend elsewhere******* less money to spend elsewhere mean economy hiccups******* Breaking news in LA Times
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