The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. - F.A. Hayek
Posted in Price System on Aug 26th, 2005
What follows is my most recent reply to the continued uproar about high gas prices in my local paper. For a previous take, see here.
Dear Editor:
Shouldn’t someone do something about $2.60 gas? Just think of the horrible things this does. It’s encouraging greedy oil companies to increase their investments in petroleum production - and making […]
Posted in Price System, incentives on Aug 8th, 2005
Dear Editor:
Please allow me to respond to the myriad complaints I read and hear about gas prices and market pricing in general. The most recent letter to the editor on this matter contains three errors in economic thinking that are extraordinarily common and if paid heed to could result in the implementation of pernicious public […]
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