Tuesday, October 30, 2012

Has Peter Morici ever been told?

Once again Peter Morici, who is commonly introduced as an economist because he teaches some economics classes at the University of Maryland, has written a bogus opinion piece claiming that a disaster is good for the economy. That is, the unwanted destruction of valuable resources leads to a greater number of resources in the same area.

Morici has been penning articles like this for a long time, and he's immediately smacked down by people like Don Boudreaux and Mike Munger. What's different this time I noticed is that the commenters to the original article tore it apart right away.

Boudreaux has called Morici out on these claims before. Henry Hazlitt even wrote a book about why Morici is wrong in 1946. They are far from alone in their criticism.

What I don't understand is why Morici keeps on trucking like nothing is up. Does he know that he's a court jester? Has no one told him the gaping flaws in his arguments so he can respond to pick up the remains scraps of his dignity?
I don't advocate violence or criminal activity, but since Morici is claiming it's in everyones interest to destroy, why hasn't he asked anyone to burn down his house?

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