More Economic Theory

I'm not an economist by any stretch of the imagination, but I enjoy reading and hearing what people think about our current economic situation. It's all part of my ongoing education.

Since most respondents to our current survey don't believe the U.S. Government should bail out the Big Three Carmakers, I thought you might be interested in this viewpoint from the Misess Economics Blog (can be found at http://blog.mises.org/blog) (I thought this was an Austrian economic think tank, but it's actually located in Auburn, AL., it merely works to "advance the scholarship of liberty in the tradition of the Austrian School" and honestly - I'm not really sure what that means..... But I still found the entire article interesting.

Best Explanation in One Sentence
November 25, 2008 3:08 PM by Jeffrey Tucker

From Llewellyn Rockwell in this piece: "If the money is used to prop up failing companies, that's particularly bad since it is an attempt to override market realities, an attempt that is about as successful as trying to repeal gravity by throwing things up in the air."

For me, reducing economic theory to a one-sentence anology is overly simplistic, yet sometimes quite effective. For a more in-depth analysis, go to the blog. One reader's response was interesting, he said, it's like giving heroin to a heroin addict and expecting him to change.