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In his famous Syllabus, Henry Simons wrote that "Academic economics is primarily useful, both to the student and lo ihc political leader, as a prophylactic against popular fallacies."
Posted by Peter Boettke on December 05, 2012 at 10:29 PM | Permalink
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It is supply and demand. Not supply or demand.
You know, how many popular fallacies are based on thinking only about supply or else demand and not considering joint determination of prices and quantities.
(But I love video.)
Bill Woolsey |
December 06, 2012 at 08:18 AM
I agree with Bill. It's like Greg Mankiw once said when he was asked if he was a supply-side or demand-side economist. His response was that he was a supply-and-demand economist.
That should be every economists' response and that's a big problem with the way this and previous videos present the issues. It's liable to mislead people and propagate fallacies.
We know both matter. Supply factors tend to assert themselves in the long run and demand factors tend to assert themselves in the short run.
Daniel Kuehn |
December 07, 2012 at 10:06 AM
"Men err in their production; there is no deficiency of demand."
Mario Rizzo and David Ricardo |
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Why doesn't income equal expenditure?
Is savings equal to investment?
John Lee |
December 09, 2012 at 09:08 AM
Two blades of the same scissors
David Johnson |
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