Post by Don on Jan 12, 2019 10:04:55 GMT -5
Why politics is simply another religion, with policies founded in beliefs rather than in facts.
"This has been the role of economics for hundreds of years. It’s the science that says to the prince: your power is limited by forces outside of your control. In every country since the High Middle Ages, it has been this way. In so doing, economics has shot down exchange controls, price floors and ceilings, high taxes, protectionism, producer subsidies, cartels, and every act of government that messes with the price system and market process."
But there's an up side.
"If you take Boettke seriously, you realize something even more spectacular: economics makes it impossible that powerful people can finally rule the world."
Can politics trump economics in the long run? What say you?
"This has been the role of economics for hundreds of years. It’s the science that says to the prince: your power is limited by forces outside of your control. In every country since the High Middle Ages, it has been this way. In so doing, economics has shot down exchange controls, price floors and ceilings, high taxes, protectionism, producer subsidies, cartels, and every act of government that messes with the price system and market process."
But there's an up side.
"If you take Boettke seriously, you realize something even more spectacular: economics makes it impossible that powerful people can finally rule the world."
Can politics trump economics in the long run? What say you?