Thank Goodness for Economic Ignorance!

Source: American Institute for Economic Research
by Donald J Boudreaux

“Thank goodness for widespread and deeply seated economic ignorance. Seriously, thank goodness! Without widespread economic ignorance, the world would be a much poorer place. For this claim, I have quantifiable proof — namely, my income, other economists’ incomes, as well as the incomes of the many merchants with whom I and my fellow economists deal. While on the earnings front I (like all of my fellow economists) have a long way to go before catching up with the likes of Elon Musk or even Rachel Maddow, my annual income is well above that of the median American worker. Indeed, my income is above that of the median worker in my age cohort — a cohort whose members, because we have decades of job experience and accumulated skills, earn more than do younger cohorts. Why is my income so high? Answer: economic ignorance!” (05/31/21)