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...
THIS article is ridiculous. People on the left are no more ignorant of basic economics than those on the right. What the author of THIS article fails to mention is something called "elasticity". The price of a product does have an effect on the quantity purchased but the effect is mitigated by how elastic the product is. Increasing the price of beer rarely results in much of a slow down in beer purchases while an increase in the price of Ford Focuses can have a major impact. Further, the author fails to talk about how marginal costs must equal marginal returns. These are not left or right concepts but basic tenets of economics. . .we keep making fools of ourselves by publishing this tripe.
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