Are They Just Stupid?

A national survey shows that leftists in America have a very hard time understanding the law of supply and demand and other facts of economic life.

Hayek rarely accused those on the left of anything other than intellectual error.

Maybe he had a point.

Red Diaper Marxist Tony Judt ..

still railing at Hayek after all these years:


Like the prophets, Judt likes to resort to homily: “We know what things cost but have no idea what they are worth.” He also approvingly quotes Tocqueville, who laments that people fear “every new theory as a danger, every innovation as a toilsome trouble.” But after . . . → Read More: Red Diaper Marxist Tony Judt ..

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We have to bring the empirical factor of learning into the frame of the logic of choice in order to turn economics into a science not merely of individual action but what happens in the market. — F. A. Hayek

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