The Byproducts of the War on Iran
Iran’s control of the Strait of Hormuz affects not just oil and fertilizer, but also the many oil- and gas-based inputs essential to everyday goods.
An economist is walking down the street with a friend.
The friend stops and says "Hey look, a $20 bill on the ground!"
The economist coolly replies "Can't be. If there was a $20 bill on the ground someone would have picked it up by now."
That old joke pretty much describes the current mindset of orthodox economics in U.S. academia despite the current global financial meltdown, as nicely described in the NYT article below.
For those teaching economics who don't have time for new generation of textbooks to be written, check out Dollars & Sense classroom readers and books.
Read the full article here.
Get D&S exam copies here.