They obviously don't teach enough economics in journalism schools, or the right kind of economics, which is why stories like this one, touting storms as economic stimulus, get written with a straight face.
Most reporters are economic illiterates. Few understand the so-called broken windows fallacy, or the concept of "opportunity cost." They see only what is seen, having not read Bastiat, and seldom bother to look for the unseen. That's why we can find serious journalists seriously asking whether hurricanes are a benefit to the economy. Just imagine how good the U.S. economy would be if we got slammed by one every week!
I've come to conclude that the fight for America's survival is not between the Right and the Left, the black and the white, the secular and the religious, the haves and the have-nots. The real dividing line is between the economically literate and the economically illiterate: between those who can still connect the dots, and those who can't.
The latter have an edge over the former as long as our newswriters are of their ilk.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment