September 28, 2007
Getting the Gray
Have you ever noticed that economic majors tend to understand political issues better than anyone else? I think it's because they are forced to identify all of the different results of a particular decision. For example,
Argument: Raising the minimum wage will raise the quality of life for thousands of families in this country.
Rebuttal: No, raising the minimum wage will cause unemployment for thousands of families in this country.
Mr. Economist, what say you? Their answer...yes.
It's not this black and white, total good or total bad decision. Every political decision has multiple layers of consequences, and it's an economist's job to understand all of the ramifications, and choose the greatest good. While this decision is still subjective, it's much more rational than how the majority of Americans base their political stances.
And frankly, I'm dying for an economist to show up and take their place in this political battle.
Posted by Eric Olsen at 9:15 AM