Tuesday, February 06, 2007

Economic theory as taught in high schools?

Today I learned something rather revealing from students in my discussion group.

Apparently, first year students attending the elite Gyeongju High School get some odd ideas from their economics teacher. They learn that:

  • Adam Smith was a libertarian,
  • a mixed economy is one where governments "referee" producers,
  • government intervention is the sole cause of "market failures,"
  • Marx failed to anticipate technological advances, and
  • a "free market" is the best way to achieve equality!

    When this last bit was revealed, I could no longer contain my hilarity, and was forced to apologize to a very sincere young man for interrupting his introduction to the wondrous merits of capitalism.
  • 1 comment:

    sam59527 said...