Tuesday, November 8, 2016

If Economics is a science, why doesn't it seem to be working for the poor?

Seems like a non sequitur to me.   If astrophysics is a science, why doesn't it seem to be working for the poor?   There is nothing special about any science that puts the poor in a position of preference.   

That said, a person with a degree in economics probably would do better in avoiding poverty than someone who dropped out of high school.

Also, it is worth considering one of the crowning findings of economics over the past 200 years -- how wealth is created in free markets under capitalism.    This in fact has been responsible for raising the standard of living of all of us, rich and poor.  In fact, even in the past 20 years over 1 billion people worldwide have been lifted out of extreme poverty due to capitalism.


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