Sifting the objective from the subjective. One of the more difficult lessons to teach economics neophytes — and, many times, trained economists — is that economic theory cannot say anything definitive about subjective statements, such as what's better, good, bad or worse. Let's try a few examples to make the point. Cabernet sauvignon wine is ... MOREWalter E Williams: Difficult Economic Lessons
Sifting the objective from the subjective. One of the more difficult lessons to teach economics neophytes — and, many times, trained economists — is that economic theory cannot say anything definitive about subjective statements, such as what's better, good, bad or worse. Let's try a few examples to make the point. Cabernet sauvignon wine is ... MORE