Link[1] John Stossel: Almost everything we're taught is wrong
Author: John Stossel
Cited by: Michael Manzella 6:14 PM 30 August 2011 GMT
Citerank: (18) 116016Many things we've been taught are wrong959C6EF, 116017We have been taught some economic practices are bad.24D3B8AB, 116018Economics illuminates the fallacies we've been taught.8FFB597, 116261Most people call child labor an unmitigated evil2600BFFF, 116262Price gouging is outlawed by State Laws.2600BFFF, 116263Ticket Scalpers are unpopular.2600BFFF, 116264Most people say that selling body parts is wrong.2600BFFF, 116266Children forced out of labor could become prostitues or starve.33CAE194, 116267In one country, Child Labor was banned, then prostitution increased.33CAE194, 116268Prohibition is not a short cut to economic prosperity.30FF5C4C, 116270More product is available when prices are raised. 33CAE194, 116272Scalpers are paid to acquire tickets for customers. 33CAE194, 116484400,000 Americans on waiting lists are not allowed to pay for one.33CAE194, 116627"I was exaggerating, of course," (Stossel)8FFB597, 116636Maybe Ponzi-schemer Bernie Madoff would have been caught earlier33CAE194, 116639Blackmail is actually a form of private law enforcement.33CAE194, 116640Blackmail is the service of not engaging in free speech.33CAE194, 116664Capital investment raises productivity then child labor diminishes.31FFA44C URL:
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| Excerpt / Summary We grow up learning that some things are just bad: child labor, ticket scalping, price gouging, kidney selling, blackmail, etc. But maybe they're not.
What I love about economics is that it can show that what seems harmful is actually good for society. It illuminates what common sense overlooks. |