Tuesday, March 28, 2006

The Perils of Economic Ignorance

by Ron Paul

I believe one of the greatest threats facing this nation is the willful economic ignorance of the political class. Many of our elected officials at every level have no understanding of economics whatsoever, yet they wield tremendous power over our economy through taxes, regulations, and countless other costs associated with government...

I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.

I've read all of these except Economics for Real People. I highly recommend all of them too, especially The Law (it's only 75 pages).

"The state is that great fiction by which everyone tries to live at the expense of everyone else." - Frederic Bastiat


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