Source: EconLog
by Kevin Corcoran
“Thomas Sowell frequently emphasizes the importance of thinking beyond the immediate and obvious impact of some economic policy and thinking through the larger implications. He actually wrote an entire book dedicated to this idea – Applied Economics: Thinking Beyond Stage One. A similar and useful exercise to evaluate an idea is to really try to work out not what will unfold next, but what that idea, if true, should imply for the present situation. Here are two common examples where this would come in handy.” (04/23/24)