Thinking it Through

Image by Gerd Altmann from Pixabay

​In his book Basic Economics, Thomas Sowell writes about his experience as an undergraduate in economics: "When I was an undergraduate studying economics under Professor Arthur Smithies of Harvard, he asked me in class one day what policy I favored on a particular issue of the times. Since I had strong feelings on that issue, I proceeded to answer him with enthusiasm, explaining what beneficial consequences I expected from the policy I advocated."

"And then what will happen,” he asked.
The question caught me off guard. However, as I thought about it, it became clear that the situation I described would lead to other economic consequences, which I then began to consider and to spell out.
"And then what will happen after that?" Professor Smithies asked."

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