Tuesday, December 19, 2006

Does Studying Econ Make You More Conservative?

Well, yes, or at least more classically liberal. See Harvard economist Greg Mankiw's answer, here's an excerpt:

"Some of the striking insights of economics make one more respectful of the market as a mechanism for coordinating a society. Because market participants are motivated by self-interest, a person might naturally be suspect of market-based societies. But after learning about the gains from trade, the invisible hand, and the efficiency of market equilibrium, one starts to approach the market with a degree of admiration and, indeed, awe."

Like a course in music appreciation, economics helps students develop an appreciation of the market, the "capitalist rainforest."

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