Status Updates From Basic Economics: A Common S...

Dry empirical questions are seldom as exciting as political crusades or ringing moral pronouncements.

But empirical questions are questions that must be asked if we are truly interested in the wellbeing of others, rather than in excitement or a sense of moral superiority for ourselves.

“None of this is rocket science, but it does require stopping to think.”

“Much confusion comes from judging economic policies by the goals they proclaim rather than the incentives they create.”

“In a world of positive-sum transactions, it is understandable why rent control laws lead to housing shortages, and minimum wage laws increase unemployment.”

And yet to this day politicians get voted in by promising to do exactly this!