Understanding basic economics is crucial for all libertarians. No other field offers as clear and irrefutable a case for liberty. Indeed, statism draws much of its support from the public’s flawed understanding of economics. Even libertarians are occasionally led astray by flawed economic reasoning. A friend recently brought a book designed to combat such flaws to my attention: Geoffrey E. Wood’s Fifty Economic Fallacies Exposed.
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Courtesy of Tim Cavanaugh at Reason, we now have a basic template to refute just about anything Nobel Laureate, neo-Keynesian, and regime apologist Paul Krugman ever publishes:
[destroy whatever economic fallacy Krugman promotes this week]
The rest of his column is political speech and unworthy of note. The above is all the intellectual content, and it is very shabby.
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