June 04, 2003


Robert D. McTeer delivers a brief and sprightly Commencement Address to Economics Graduates defending the "Dismal Science" from enemies foreign and domestic. This guy will be the next Fed Chair I believe, in 40 years or so when Mr. Greenspan steps down. Read it all, it's short and fun.
"Economics majors understand the nonintuitive reality that real progress comes from job destruction. It once took 90 percent of our population to grow our food. Now it takes less than 3 percent. Pardon me, Willie, but are we worse off because of the job losses in agriculture? The would-have-been farmers are now college professors and computer gurus or singing the country blues on Sixth Street."

Posted by jk at June 4, 2003 08:38 AM
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