Wednesday, March 9, 2011

Economics and Politics-mistakes made all around

The following links are from Tyler Cowen's terrific Marginal Revolution blog in which he discusses common mistakes made by left-wing and right-wing economists. While I agree with many of the points on the list, I have to say that "sins of omission" is definitely a bipartisan trait. Points of interest include:

-The left's unwillingness to discuss how costly climate change could be. I defer to the "superfreakonomics" crowd on this point which is why we must have an open mind when it comes to possible solutions to climate control.

-The right's blind adherence to the fact that low taxes lead to stronger economic growth. This is one of the most dangerous beliefs in politics/economics today. The fact that tax increases have been take off of the table in recent discussions on defecit reductions continues to blow my mind.

Common Mistakes of Right-leaning Economists
http://www.marginalrevolution.com/marginalrevolution/2011/03/fallacies-committed-by-right-wing-and-market-oriented-economists.html

Common Mistakes of Left-leaning Economists
http://www.marginalrevolution.com/marginalrevolution/2011/03/in-which-ways-do-left-wing-economists-deny-or-refuse-to-recognize-science.html

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