We have seen the future, and it sucks.

Basic Economics Is Intuitive

28th September 2009

Bryan Caplan points out that economics isn’t hard if it’s explained properly.

Economists often off-handedly remark that basic economics is “counterintuitive.”  In one of the papers he presented at GMU, Scott Sumner has a whole appendix on “Why is economics so counterintuitive?”  Even my hands aren’t clean here: In The Myth of the Rational Voter, I wrote that “…Smith’s thesis [the harmony of private and public interest] was counterintuitive to his contemporaries, and remains counterintuitive today.”  However, the more I think about it, the more I’m convinced that if basic economics seems counterintuitive, it’s being poorly explained.  If Bastiat could make econ intuitive, so can we.

One Response to “Basic Economics Is Intuitive”

  1. Steve In Tulsa Says:

    It doesn’t get much simpler than Irwin Schiff… See following link