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Difficult Economics Lessons

Robert97 Wrote: Jul 11, 2012 7:06 PM
Think with our brains, but feel our hearts. My heart says we should improve K-12 and undergrad education. My brain says union activity is much of the problem.
Charles3662 Wrote: Jul 13, 2012 12:17 AM
What we "should" do is get the emotion driven decision makers out of the way. Are women more emotional in their decision making. Experts will say yes. Should women have less influence in politics? Again a resounding yes. Women are the root of Liberalism. But do you "think" with all our scientific skills we could answer that question objectively? No! Why, because what Dr. Williams misses, we have long since left the land of facts, truth and objectivity, and are now engaged in a universe of emotional evaluations and "political correctness".
Robert97 Wrote: Jul 11, 2012 7:07 PM
Typo. Should be "feel with our hearts."
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...