Hurricane Irma: Credentialed Ignorance vs. Uncredentialed Intelligence.
The credentialed ignorance of NY Federal Reserve president William Dudley is revealed by Evelyn’s uncredentialed intelligence. Evelyn quotes Henry Hazlitt, Frederic Bastiat, and Thomas Sowell to make her economic argument that the destruction by hurricane Irma is ‘the broken window fallacy’ on a much larger scale. Fed president William Dudley seems to think the destruction by hurricane Irma will improve the economy. I bet William Dudley has never read anything written by Hazlitt, Bastiat or Sowell.
INTELLIGENCE.
Here is Evelyn’s short video about the Broken Window Fallacy.
IGNORANCE.
Now watch the credentialed ignorance exhibited by NY Federal Reserve President William Dudley in this CNBC interview (click here).
If we believe the economic ignorance of William Dudley we would think that Puerto Rico’s $73 billion debt problem (read here) will magically go away because the island was almost destroyed by hurricane Maria. I bet the people of Puerto Rico don’t realize how lucky they were that Maria hit them directly.
CONCLUSION
You don’t need an economics degree to understand economics. But I think you need an economics degree in order to become ignorant about economics.
By the way. Evelyn uses one of my favorite Thomas Sowell quotes: “The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first rule of politics is to disregard the first lesson of economics.”
Related Article – Hurricane Sandy And The Broken Window Fallacy, at austrianaddict.com.
Related Article – The Broken Window, at mises.org.
Related Article – A Keynesians Dream; Cruise Missile Strikes In Syria. at austrianaddict.com.
Explore posts in the same categories: Econ. 101Tags: Frédéric Bastiat, Henry Hazlitt, Hurricane Irma, The Broken Window Fallacy
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