Salon states that “dumbed-down output” from some economists are having tragic results.
I look at it differently — I see a disconnect between the way people actually behave and the expectations of economic models. Call it a failure of ideology.
Regardless, here is what Salon claims as the top 10 economic myths having a negative impact:
• Myth 1: Economics is a science.
• Myth 2: The goal of economic policy is maximizing efficiency.
• Myth 3: The economy is a market.
• Myth 4: Prices reflect value.
• Myth 5: All profitable activities are good for the economy.
• Myth 6: Monopolies and oligopolies are always bad because they distort prices.
• Myth 7: Low wages are good for the economy.
• Myth 8: “Industrial policy” is bad.
• Myth 9: The best tax code is one that doesn’t pick winners.
• Myth 10: Trade is always win-win.
Whats the collective view on this? Are they right or wrong? In the ballpark?
What say ye?