The visible hand in economics

Quote: 11) Thomas Sowell on economics and politics

Posted on: November 23, 2008

Although I don’t agree with all Thomas Sowell has to say, this quote is brilliant:

The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics

I think this quote is apt following an election. All political parties prefer to ignore trade-offs – they just focus is ability in different policy areas😛

2 Responses to "Quote: 11) Thomas Sowell on economics and politics"

Calling you out on this one; what dont you agree with Sowell about?

Is it the immigration thing?

“Calling you out on this one; what dont you agree with Sowell about?”

He is one of those economists who applies his value judgments (in this case conservative) to models and pretends they are still objective. On the other side you have Samuelson doing the same thing:

http://www.marginalrevolution.com/marginalrevolution/2008/11/imagining-the-b.html

They are both such good economists, but apply value judgments and pretending you are being objective is trash – although I guess it is necessary to write thing in the paper etc😛

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Add to Google
%d bloggers like this: