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The World s Most Economically Illiterate Statement - Daniel J Mitchell

The World’s Most Economically Illiterate Statement  Share   Share Trending Back in 2014, I shared two videos, one narrated by Prof. Don Boudreaux and the other narrated by Prof. Deirdre McCloskey, making the point that grinding poverty and material deprivation were the norm for most of human history. It wasn’t until capitalism emerged a few hundred years ago that we made the jump from agricultural poverty to industrial prosperity. I know at least one person who didn’t watch those videos. Congresswoman Ayanna Pressley isn’t as well known as other members the “The Squad,” especially Alexandria Ocasio-Cortez and Ilhan Omar (jointly featured in this bit of satire), but she deserves some sort of recognition for being totally clueless about economics and history. Indeed, she may even deserve some sort of prize for uttering the year’s most economically illiterate sentence.

Seven deadly economic sins by James Otteson

Seven deadly economic sins by James Otteson  29 January 2021 at 03:44 |  Every Citizen Should Know ISBN 97811008843379 316 pages Hardcover/$27.95 April 2021 You have heard of the Seven Deadly Sins: pride, greed, lust, envy, gluttony, wrath, and sloth. Each is a natural human weakness that impedes happiness. In addition to these vices, however, there are economic sins as well. And they, too, wreak havoc on our lives and in society. They can seem intuitively compelling, yet they lead to waste, loss, and forgone prosperity. In this thoughtful and compelling book, James R. Otteson tells the story of seven central economic fallacies, explaining why they are fallacies, why believing in them leads to mistakes and loss, and how exorcizing them from our thinking can help us avoid costly errors and enable us to live in peace and prosperity.

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