Give It to Me

[Geee]

American Spectator:

“Why so much fighting about economics?” asked a friend recently. “Economics is just logic.”

Well, not exactly. The basics are logical, as in reasonable or to be expected. But things get very tricky and political when it comes to applications.

With the basics, for instance, drops in supply can be expected to raise prices. A freeze in Florida’s orange groves will generally reduce supplies and hike prices.

And decreases in demand can be expected to drop prices. Christmas cards are cheap on December 26.

But get past the basics and things get a lot more arguable — and less logical.

In the current fight about taxes, spending, and “fairness,” there are no clear answers in an Introduction to Economics book about what’s “fair.”