Friday, May 02, 2008

Economics 101


From an article in today's Washington Post:

Harvard professor N. Gregory Mankiw, who has written a best-selling textbook on economics, said what he teaches is different from what Clinton and McCain are saying about gas taxes.

"What you learn in Economics 101 is that if producers can't produce much more, when you cut the tax on that good the tax is kept . . . by the suppliers and is not passed on to consumers"
The suppliers, my friends, are already making enough money.

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posted at 9:58:00 AM by Neil

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