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The education system does not teach how prices are set. This is leading to confusion on many levels. Of course if the education system did teach how the economy

The education system does not teach how prices are set. This is leading to confusion on many levels. Of course if the education system did teach how the economy works in full I'm not sure the center would hold.

logfromblammo 10y ago
My specific public education system taught microeconomics, wherein prices are set by marginal cost = demand under perfect competition, and by marginal cost = marginal revenue under monopoly. Then we were taught "classical" Adam Smith macroeconomics, a tiny dash of Mercantilist economics, and then "modern" Keynesian economics. No mention of any of the following was ever made: Islamic economics Hamiltonian economics Marxism Georgism Chicago school (Friedman et al.) Austrian school (von Mises et al.) Anarchist school (Proudhon, Bakunin, et al.) game theory Clearly, the state's education system is teaching only that which would tend to support its own economic policy.
- branchless 10y ago
  100% agree. They also don't teach where money comes from. What a surprise. It will be a cold day in hell when they teach Georgism.
  - logfromblammo 10y ago
    As a technical nitpick, it will be a cold day in Gehennom when they teach Georgism. The Hellish mythical realms of Niflhel, Zamhareer, and Dante's Lake Cocytus are always quite frozen. You can become quite learned about all the various mythological Hells when you think too much about how those who are guilty of gross economic crimes ought to be punished.
    - branchless 10y ago
      If the devil has done his homework he'll sit me down in front of a PC and force me to debate economics on HN for eternity...
      - logfromblammo 10y ago
        Hah. The devil doesn't have to do homework. He just needs to set up all the devices to produce an alert whenever someone is wrong on the Infernet, and we'll all voluntarily torture ourselves. J.P. Sartre got it right: "L'Enfer, c'est les autres." ("Hell is the other [people].")

logfromblammo 10y ago

My specific public education system taught microeconomics, wherein prices are set by marginal cost = demand under perfect competition, and by marginal cost = marginal revenue under monopoly. Then we were taught "classical" Adam Smith macroeconomics, a tiny dash of Mercantilist economics, and then "modern" Keynesian economics. No mention of any of the following was ever made: Islamic economics Hamiltonian economics Marxism Georgism Chicago school (Friedman et al.) Austrian school (von Mises et al.) Anarchist school (Proudhon, Bakunin, et al.) game theory Clearly, the state's education system is teaching only that which would tend to support its own economic policy.

branchless 10y ago
100% agree. They also don't teach where money comes from. What a surprise. It will be a cold day in hell when they teach Georgism.
- logfromblammo 10y ago
  As a technical nitpick, it will be a cold day in Gehennom when they teach Georgism. The Hellish mythical realms of Niflhel, Zamhareer, and Dante's Lake Cocytus are always quite frozen. You can become quite learned about all the various mythological Hells when you think too much about how those who are guilty of gross economic crimes ought to be punished.
  - branchless 10y ago
    If the devil has done his homework he'll sit me down in front of a PC and force me to debate economics on HN for eternity...
    - logfromblammo 10y ago
      Hah. The devil doesn't have to do homework. He just needs to set up all the devices to produce an alert whenever someone is wrong on the Infernet, and we'll all voluntarily torture ourselves. J.P. Sartre got it right: "L'Enfer, c'est les autres." ("Hell is the other [people].")