Monday, April 04, 2005

And he says it so well

Thomas Sowell has an essay on people who know things that just aren't so. In particular, the notion of "trickle-down economics".

What set off the crazies was that I said there is no such thing as "trickle-down" economics. Supposedly those who believe in trickle-down economics want to give benefits to the rich, on the assumption these benefits will trickle down to the poor. Having spent my career's first decade researching, teaching and writing about the history of economic thought, I can say no economist of the last two centuries had any such theory. Some who denounced me for saying there was no trickle-down theory cited an article by David Stockman years ago -- as if he were the last word, and I should forget everything I learned in years of research because Mr. Stockman said otherwise. What is often confused with a trickle-down theory is supply-side economics, as advocated by Arthur Laffer. That theory holds tax cuts can generate more tax revenue because it changes behavior, creating more economic activity and more taxable income and increased economic growth

So why were "the crazies" so thoroughly "set off" by Sowell's statement that there's no such theory as "trickle-down economics"? Perhaps a form of True Believer Syndrome.

...continued in full post...

As far as they were concerned, they already had the absolute truth and only needed to vent their anger when I dared say otherwise. That is a sign of a much more general and dangerous current social trend that goes far beyond a handful of true believers foaming at the mouth against one columnist.
Students can now spend years in schools, discussing all sorts of issues, without ever hearing a coherent statement of opinions that differ with what their politically correct teachers say. There are students in our most prestigious law schools who have never heard arguments for the social importance of property rights -- not just for those fortunate enough to own property but for those who don't own a square inch of real estate or a single share of stock. How they would view the issues if they did is a moot point because they have heard only one side of the issue. People who go through life never hearing the other side of issues ranging from environmentalism to minimum wage laws are nevertheless emboldened to lash out in ignorance at anyone who disturbs their worldview. The self-confident moral preening of ignoramuses is perhaps an inevitable product of promoting "self-esteem" in our schools.

Once you start looking for the symptoms, you'll find this all over the place.

No comments: