Five Lies My Economist Told Me

I am fond of saying that economics is the second oldest profession, and this marvelous list of "Five Lies My Economist Told Me" from Foreign Policy is a pungent example of why that is so.

High productivity and low unemployment make us all better off.

It’s hard to grow without good banks and private property.

Capital must always be let free to flow.

The euro will never work.

Japan—no wait, China—is going to take over the world economy.

Click here for the orthodoxy, heretical facts and moral for each.

Image courtesy of (what else?) The Economist