A few past posts have highlighted the intensity of the lack of Economic understanding that dominates society.
A series of comments, such as “kids are not widgets, teachers are not factory workers” betrays the serious and critical misunderstanding of Economics.
To these people, “Economics means money” – so their little retort is really saying “My kids are priceless”. Well, that may be – that is a value judgement worthy of an individual.
But what these people do not understand is that “their kids are not NECESSARILY priceless TO ME” – my kid happen to hold that spot.
So each of us hold a different value on the same kid – his is higher on his kid than I place on his kid. Misunderstanding this makes the other person believe that there can be no limit to the cost TO ME about educating HIS KID.
But of course there is – because my kid needs my resources to educate her. Taking my resources to educate his kid steals it from my kid.
But he does not understand that, since he holds an EGO-CENTRIC world view – that is, the whole world revolves around his position exclusive to any other. So it matters not how his demand impacts the opportunity for others, his demand is holy and any resistance in unholy.
Economics is NOT about money. It is about human action.
Money is a consequence of trade.
Money allows us to price value
It does not make something valued.
Something valued by one person does not mean it is valued by another.