This article originally appeared in the Financial Post. Below is an excerpt from the article.
By Jack Mintz, June 28, 2024
Robert Reich, Bill Clinton’s secretary of labour and currently a professor of public policy at UC Berkeley, is on a campaign to de-bunk myths about economics. The first video criticizes the concept that “economics is objective.” If it’s representative of his 10-part series, I won’t be spending any more of my scarce time on his junk science.
Perhaps because of Reich’s rich inter-disciplinary training in politics, philosophy and economics, his definition of economics is distorted: “if you want to understand economics, you have to understand politics and morality — the three are intertwined.” There’s some truth in that. “Normative” economics is value-based, asking questions like: what type of society do we want? what is the best tax structure? should housing be free?
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