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Difficult Economics Lessons

Rick 2811 Wrote: Jul 14, 2012 8:30 AM
Way too often liberalism deals with emotion, mostly false and misguided, rather than intellect and common sense and therefore end up with goofy policy that creates an opposite effect or an unintended result doing tremendous harm to their original "good feeling." The main problem is of course is that they continue to ignore that.
One of the more difficult lessons to teach economics neophytes -- and, many times, trained economists -- is that economic theory cannot say anything definitive about subjective statements, such as what's better, good, bad or worse. Let's try a few examples to make the point.

Cabernet sauvignon wine is better than fume blanc. Turkey is better than pork. Matter in the solid state is better than the plasma state. Each of those statements begs the question: Where's the proof? With subjective statements such as those, disagreements can go on forever. It's simply a matter of personal opinion. One person's...