Pre-publication bonus to M.E. readers
My newest essay on EconLib goes live soon.
But, it is up already, and you can check it out.
The economists I talked to weren't really surprised.
"People don't understand opportunity cost. For that matter, they don't understand lots of other apparently simple economics concepts. That's why we should study economics more."
I'm not sure this is right. It reminds me of Bill Niskanen's (1971) observation about Ludwig von Mises. Niskanen argued that many people, including von Mises, were too optimistic, resting their conclusions on "the hope, almost pathetic in retrospect, that a broader education in economics will reduce the popular support for large government and the consequent pervasive bureaucracy."