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Old 05-12-2011, 08:08 AM  
wig
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Join Date: Feb 2002
Location: Panama
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Quote:
Originally Posted by sperbonzo View Post
I understand your emotion, but I think the reality is that at this point universities are run by academics who don't understand, or believe in, a free market; and couldn't succeed in a situation where they were not protected by tenure and tax funding. They are the ones that teach the teachers, and then those teachers submit their students to a lifetime of education which derides and attacks any notion of the reality of free markets, while espousing government control and the "delights" of socialistic policy. There is no attempt made at all to teach what the free market means, how it works, and what it achieves.

People have become products of this educational system and, being ignorant of even the most basic realities of how economies work, or don't work, in the real world, they end up like this. It is not their fault, and it's certainly not a question of intelligence.

It's a terrible shame, and unfortunately, by the time most people wake up to the reality of what economic control really means, it is too late, and the only people with any power are the political elite.



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There's some truth in this, but it's not quite that lopsided.

Adam Smith's invisible hand libertarians are as deluded as the believers in strict central / top down control.

Economics is not a hard science. It is a dynamic phenomenon subject to all sorts of factors and the balance point is somewhere near the middle of these extremes.
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