“In domestic policy, a time-honored strategy for ramming through ill–considered legislation is to insist that it is better to do something than to just stand around doing nothing. Are “too few” people earning advanced degrees? Then we are told we must increase subsidies for college tuition. Will that solve the problem? Who knows? What’s important is that we did something.
This sort of thing is politically valuable, of course, because the new program and the new spending can be seen and measured.
The true costs of the program, however, are not seen. We can, for example, easily ignore the fact that subsidies tend to increase tuition levels, which in turn increase student-loan debt levels. Students then put off purchasing homes and starting families until later, in order to pay off debts. These realities impose costs on students. But they aren‘t easily seen or measured.”
It is no crime to be ignorant of economics; but totally irresponsible to have a loud and vociferous opinion on economic subjects while in this state of ignorance—Rothbard
The phenomenon of economic ignorance is so widespread, and its consequences so frightening, that the objective of reducing that ignorance becomes a goal invested with independent moral worth…”—Kirzner
The disaster of and brainwashing from economic ignorance [and not the Keynesian mathematics that treats people as cattle] about human action [Austrian economics]
A conscientious moralist or churchman would not consider meddling in controversies concerning technological or therapeutical methods without having sufficiently familiarized himself with all the physical, chemical and physiological problems involved. Yet many of them think that ignorance of economics is no bar to handling economic issues. . .Mises