re: #242 GeneJockey

I’ve often been amazed at the poor quality of thinking I hear from people who take JUST ENOUGH econ courses to learn all sorts of axioms and ‘laws’, but not enough to start applying logic and seeing contradictions. For example, one guy told me that

1) Consumers set prices for nonessentials. Raise the price too much and they won’t pay.

and

2) Businesses don’t pay taxes. They just pass the cost on to the customer.

If #1 is true, then there are limits to what costs businesses can pass along, and thus a tax may be paid in part by reducing profits. They understand this, because they believe a tax can put a company out of business, but they STILL quote #2 as if it were invariably true.

Then they tell you you don’t understand economics if you point that out to them.

Yeah. Anyone who’s taken “a semester or two” of any subject knows just enough to be extremely dangerous. Incomplete education should be classified as a lethal weapon.