Defusing the Fuming Over Gas Prices
By Dr. Roy Cordato
John Locke Foundation
One of my favorite quotes came from economist Professor Murray Rothbard:
“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
Rothbard’s words are particularly suitable to recent pontificating about oil company profits. Congress is conducting hearings to investigate whether the profits are “excessive.” As an aside, the 12-month average profit margin for oil companies is below the national average for all industries.
John Locke Foundation
One of my favorite quotes came from economist Professor Murray Rothbard:
“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”
Rothbard’s words are particularly suitable to recent pontificating about oil company profits. Congress is conducting hearings to investigate whether the profits are “excessive.” As an aside, the 12-month average profit margin for oil companies is below the national average for all industries.
posted by Andy W. Rogers | 8:14 PM
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