Economics 101 revisited
Saturday, May 2, 2009 at 09:33PM What a sanctuary the Literary Festival has been from what I call ‘The
Weather’ here in Ottawa. Nor did today’s closing gigs disappoint.
Economics isn’t everyone’s Saturday lunch fare. Yet Joseph Heath had us
all chuckling into our sandwiches at his plain truth approach to
Economics 101 as we thought we knew it.
This bundle of intellectual energy unravelled some of the myths around
economics and why the Economics 101 teaching model “makes capitalism
seem like not just an acceptable compromise, but the best of all
possible worlds.” What I like about Heath’s way of thinking is that he’s
examined both left and right models, drawing logical strands from each.
For instance, as Heath points out, “left-wing utopian socialism doesn’t
account for black markets.” Or that in a capitalist system which works
on the market system of buying and selling, the war on drugs is somewhat
pointless. Where there are buyers, there will always be sellers. Made
sense to me, anyway.
I can’t wait to read his books ‘The Rebel Sell’ (co-written with Andrew
Potter) and ‘Filthy Lucre’. For sure, if I had a child going to
university I’d make darn sure they were taking all Heath’s courses. At
least I’d know they’d then be equipped to cut through some of facile
economic illiteracy that we get from both the left and right when they
saw it.