Dr. Boudreaux Explains Money vs. Wealth

A must-read column. Definitely click-through and read it all, it’s brief.

Economics, Money & Wealth – TribLIVE: We economists get a lot of attention at cocktail parties.

We do so by explaining that more sex can lead to safer sex, by complaining that the “drug war” makes drug use more dangerous, by noting that mandated fuel-economy standards cause more highway fatalities and, generally, by pointing out the many ways in which basic economic reasoning produces startling counterintuitive realities.

Startling counterintuitive conclusions, when clearly explained, reveal the power of the economic way of thinking. Economics is to our understanding of society what Copernican astronomy is to our understanding of the cosmos — obvious first impressions are often flat wrong.