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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (305429)	5/17/2009 3:45:22 PM
From: Joe Btfsplk	Read Replies (1) \| Respond to of 793799

that economics is "just common sense." Seems to me that economics is indeed common sense. Problem is that it properly occurs only in a very rarefied atmosphere. Each century there are a handful of brilliant minds that can assimilate and analyze the experience of generations, if not centuries, and determine applicable policies. I think it was Israel Kirzner who once said something like this - and pardon the mangling: The conclusions of economics are largely counter intuitive. Without guidance the intelligent layman is likely to ordain actions inimical to the cause he purports to serve. What first seems like common sense about the allocation of scarce resources usually ain't. And so we are susceptible to opinion by the ton and knowledge by the milligram.