My alma mater had a celebrity professor of political science who was principally known for two things. First, for accidentally leaving his wireless mic on during mid-lecture restroom breaks. And second, for the slogan “Politics is a good thing!” which he relentlessly promoted via mediums as diverse as lectures, TV appearances and TA’s t-shirts.
“Matthew Yglesias has a post responding”:http://www.slate.com/blogs/moneybox/2012/07/05/life_is_good_for_skilled_workers.html to my post below. My original intention was to roll it into an update – I then decided it was worth responding to on its own because it exemplifies a number of common mistakes in thinking about markets. In order: