Mises.org: Political Power and Economic Ignorance


There is a sad irony to economic ignorance — on top of its disastrous effects. Let’s call it the Iron Law of Economic Ignorance: the value of economic knowledge increases with its scarcity. That is, economic knowledge gets more valuable as the economy worsens; but the economy worsens according to the level of political intervention — which is a function of economic ignorance.

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