Do Econ Professors Believe What They Teach?

Would this make sense? A math teacher spends a whole class proving that 2 + 2 = 4, but then turns around at the end of class and says, “But of course… it also equals 5 sometimes…”

Why do we hear Econ professors stand in front of classes and, after showing clearly and mathematically that…

… the minimum wage creates unemployment, “But of course… Fairness may justify some level of social


… government imposed unions raise wages above the sustainable level and wield monopoly power, “But of course… workers would be exploited with them.”

… there’s no historic evidence of sustained monopolies, “But of course… Natural monopolies are still a real thing, and thus should be government authorized and then regulated.”

… rising prices incentivize business owners to stay open during disasters, most effectively ration the use of goods in times of potential shortages and signal to outside entrepreneurs to bring more goods and services into areas where hardship means they are needed the most, “But of course… laws against ‘price gouging’ are still just the right thing to do in these circumstances.”

Please feel free to add your own examples of Economists explaining how 2 + 2 = 5… 🙂

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