But we see daily examples of the ignorance of Economics 101. Most of us, for example, think a growing economy a good thing. The more jobs, the better. Give us, honorable journalist, the ideal rate at which a country should grow. Tell us at what point a nation's economy should produce fewer jobs, fewer businesses, less shareholder value.
Ignorance abounds over the whole notion of competition.
Many vilify the so-called robber barons who built railroads. But the price for rail travel fell. The government broke up the Standard Oil company, arguing that it unfairly dominated competitors. But heating oil and other related products fell as consumers benefited from the industry's continual lowering of cost. And the mighty Andrew Carnegie, who built what became known as U.S. Steel, charged customers less and less for products as he competed against other steel manufacturers.