May 28, 2013

Hey Mr. Taxman

Indeed where is the lefty outrage at Apple? There isn't any. Why? This, to me, is the perfect encapsulation of the left's ignorance of economics. They allow for huge salaries and bonuses by people like Steve Jobs and don't grumble at Apple's tax avoidance because of one reason. Value. They understand the value of the iProducts. They are extremely well made and very powerful devices that many consider invaluable. Given that, they understand why so many people want them, pay handsomely for them and why men like Jobs make a fortune from them. Conversely, they do not understand the value of the CEO of a bank or the hedge fund manager or the average Wall Street grunt. Most of them have never met any of these people and have no idea how hard their jobs are and just how smart and talented many of them are. They are the guys who are going to and from work in the dark. They know their industry and what drives it. They know more about economics and markets and financial instruments than you could ever dream of. That knowledge gap is why "Occupy Wall Street" was formed and why it exists. OWS is not about preventing bailouts. Hell, most Americans agree with them. I never thought we should have bailed out any of them. They have been socializing losses since Carter bailed out the auto industry. Hell, JP Morgan himself once bailed out Uncle Sam and now his name is practically a dirty word.

I normally say that we need to teach economics in high schools but that would only make them Keynesian Indoctrination Centers because teachers (Sorry Hube) are almost universally bereft of even the most basic understanding of market capitalism. Those that do understand it are hostile towards it.

Posted by Duffy at May 28, 2013 03:55 PM | TrackBack

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I normally say that we need to teach economics in high schools but that would only make them Keynesian Indoctrination Centers because teachers (Sorry Hube)

No offense taken!

Posted by: Hube at May 28, 2013 04:47 PM

When we wrote Delaware's original Economics standards back in 1992-95 they were market-based capitalist standards. They required teachers and students to have at least a passing knowledge of what banks do, how credit works, and how governments distort the functioning of markets.

The standards were passed but never really implemented, as few teachers ever learned the material despite the best efforts of UD's Center for Economic Education, and ultimately DE DOE did not effectively test them in the DSTP, so nobody taught them.

Posted by: Steve Newton at May 29, 2013 08:16 AM

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