This is why we love Scott Sumner
This is Scott Sumner:
And don’t say that “everyone is entitled to an opinion,” or that the bubble thing is a valid perspective. No, as Paul Krugman pointed out in Pop Internationalism, if you don’t understand the theory of comparative advantage you are not entitled to an opinion that protection makes sense today because comparative advantage doesn’t apply to the modern world for blah blah blah reasons. And I would say that people who don’t understand basic AS/AD are not entitled to an opinion that unconventional monetary policies that focus on “art and wine” markets are needed. First you have to show you understand conventional policies. And everywhere we look we see fewer and fewer people on both the left and the right that understand even economics 101. People who don’t are not entitled to an opinion. People who do, but still reject econ101, are entitled to an opinion.This is exactly why Scott is one of the most popular Econ bloggers in the world. He just writes great stuff. Have a nice weekend all of you. PS I know you all read the quote before at Scott's blog - after all nobody would be reading my blog had it not been for Scott.