Monday, July 15, 2013

D.C. Council flunks Econ 101

In his post about the terrible decision by the D.C. Council to pass the LRAA, Andrew DeLeon quotes from a classic economics book:
A mere recital of the economic policies of governments all over the world is calculated to cause any serious student of economics to throw up his hands in despair. What possible point can there be, he is likely to ask, in discussing refinements and advancements in economic theory, when popular thought and the actual policies of governments…have not yet caught up with Adam Smith? –- Henry Hazlitt, Economics in One Lesson.
The whole post is very good in pointing out how mis-guided (to be charitable) the decision was.

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