Why should I spend my scarce time learning economic principles?

Economics

Economics (Photo credit: markwainwright)

        If  you want to be inoculated from the rhetoric of politicians, journalists and intellectuals, then understanding economic principles is the vaccine for you. Economics is how the world works. If you understand basic economic principles, you will be able to analyze the ideas of the elite and logically  figure out if these ideas are rhetoric or if they have merit. Why is it important to not trust politicians? Once  elected, they are in a position to have power over your decision-making that no other citizen possesses. They can take your freedom in incremental steps. Ronald Reagan said of the U.S.S.R., “Trust but verify.” I think we should change that saying for our politicians to “Verify and remain skeptical.” Economics will help you do both. If you want to know why knowledge about economics is in each persons best interest, you can read an article by Austrian Economist Ludwig von Mises  here at the Mises Institute.

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