Why are economics counter-intutive?
6 important questions on Why are economics counter-intutive?
Folk economic beliefs. What does it mean that people think economics is zero-sum?
- What is food for you, must be bad for us or vice versa.
Untrue, because:
- Trade can benefit both countries
- Some countries are better at producing specific products
Folk economic beliefs. What does it mean that people think that immigrants steal their jobs?
- 'They' take the jobs 'we' created (free-riding)
Untrue because:
- Often they do not take the same jobs
- There is not a set amount of jobs. When you increase the labour force, you often will be able to increase the number of job positions.
Folk economic beliefs. What does it mean that people think immigrants abuse the welfare system?
- they are free-riding on the system that 'we' paid for
Untrue because:
- Insufficient: they also pay taxes and provide the economy with services that would otherwise not be there.
- Cannot exist alongside immigrants not taking jobs, so at least one must be untrue.
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Folk economic beliefs. What does it mean that people believe that the welfare system is abused by scroungers?
Untrue:
- Fraud is rare: people overworry compared to how often it happens in the real world.
- Many people don't know their rights, and so they do not receive the benefits they are entitled to.
Folk economic beliefs. What does it mean that people belive that the market has mostly a negative impact?
Untrue because:
- For every demand there is a supply that fits at the price people want. There should be a perfect fit between supply and demand. So the magic of markets is that there is always an offer that will satisfy you
- Where trade is high, war is decreased.
Folk economic belief. What does it mean that people see labour as the source of value?
Untrue because:
- Just because you work harder, what you produce is not necessarily worth more. So people have an idea that effort is what should be awarded, but in modern capitalism, effort is not rewarded.
- Instead market value is defined by to what degree something is on-demand and how rare a skill is, so the rarer it is combined with how many people want it: the value of it.
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