TODAY:Roses and Thorns, Not so Quick Write, The Mirage of Inflation 


#2 Does having more money mean you are wealthier?

REMEMBER: In this lies almost the whole difference between good economics and bad. The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economist sees only what the  effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups. -Henry Hazlitt

Not so Quick Write: Describe how inflation is an example of the broken window fallacy. 

Include the following
1. Why do people believe in this fallacy (The Mirage of Inflation )?
2. What are some of the longer and indirect consequences?
3. Who are the potential "Forgotten Men"?