According to Economics

by Paul Jacob, Contributing Author: "Everywhere you look, economics is despised,” writes Tom Woods in his Tuesday email letter.

You know what isn’t despised? A daily email letter.*

But I digress; back to economics.

“The gimme-free-stuff people hate it because they don’t like being told that there might be undesirable side effects from seizing other people’s things.”

Well, true enough. But turn it around: many people demand free stuff at least in part because they do not understand the bigger picture . . . which Mr. Woods ably provides in his daily podcast and on his weekly Contra Krugman podcast with economist Bob Murphy.

“Politicians hate it, because it imposes logical constraints on what political activity can accomplish.”

True, but, like many in the general public (from whence they come), politicians’ prior lack of economic knowledge also leads, in part, to their hubris.

“Even some folks in the business world hate it, because (1) they’d rather agitate for special privileges than hear the case for free markets, and (2) they’d rather have low interest rates than be warned about the causes of the business cycle.”

Yes, too true. But, again, business people are generally just people, most of whom haven’t even been exposed to something beyond boring and misleading textbook econ, if that. Mr. Woods knows that, since that’s what his mission is, exposing more folks to ideas beyond what he calls “the index card of allowable opinion.”

Well, I’m all about allowing the unallowable — if it’s right!

This is Common Sense. I’m Paul Jacob.

* Historian Woods is now doing what I’ve been doing since 1999, providing a daily common-sense thought that is short and easy-to-read and dropped into your email box every weekday. Mine goes up online at ThisIsCommonSense.com; I don’t see his on his website . . . but I do see a lot of books and podcasts!
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Paul Jacobs is author of Common Sense which provides daily commentary about the issues impacting America and about the citizens who are doing something about them. He is also President of the Liberty Initiative Fund (LIFe) as well as Citizens in Charge Foundation. Jacobs is a contributing author on the ARRA News Service.

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