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September 22, 2005
How much economics do we need to know?
For most of history, humans remained ignorant for lack of access to information. Only the rich had books and knew how to read. And the books they read told them precious little about a world that was still largely undiscovered.
Now, for the first time, we can learn practically anything we want, at least in the realm of formal knowledge. We're limited only by our own sloth. So, should more of us stir ourselves to nail down the fundamentals of... econ? Interesting back-and-forth on this in the W.S. Journal.
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Given the widespread acceptance of theories that gasoline prices are due to "price gouging" and conspiracy rather than market forces -- and the ridiculous actions of state legislators and others wanting their name in the press to -- I'd say a basic understanding of economics is vitally needed.
Posted by: Fritz at September 22, 2005 01:54 PM
It depends a whole lot on the way one interacts with the world and what holes exist in one's system of understanding.
I did econ in school even though I didn't have to and the knowledge I gained there helped me manage stuff much better. But, it's just another way to look at the world that happens to work good for me.
Posted by: Pete Zievers at September 22, 2005 04:58 PM