Monday, April 23, 2018

Where to start?

The fact is, the rise of Bernie Sanders inspired me to begin teaching economics. I had always thought that too many people do not understand even the basic laws of economics. But when Bernie Sanders found a young audience who just loved the whole idea of socialism, I knew I had to do something. I just didn't realize how bad the problem really is.

There are lots of analogies that describe a difficult situation. Herding cats comes to mind. Being a one-armed wallpaper hanger is another. But in those cases, at least you sort of have an idea about where to start.

I find myself trying to explain the Laffer Curve and the reason why marginal tax rate cuts can produce higher government revenues, to people who think that profits are basically evil, and that you can only make a profit if somebody else loses.This makes it much more difficult.