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112 pages, Paperback
First published May 1, 1999
Everyone, economist or not, comes equipped with a vocabulary for the economy. It might be called Ersatz Economics. In Ersatz Economics, prices start by "skyrocketing." When "sellers outnumber buyers" prices fall from "exorbitant" or "gouging" levels, down through "fair" and "just." If this "vicious cycle" goes on too long, though, they fall to "unfair" and "cutthroat," the result of "dumping." Likewise, the woman in the street believes she knows that unions and corporations have more "bargaining power" than do their victims, and therefore can "exploit" them. A consumer can "afford" medical care, maybe only "barely afford" it, "needs" housing and views food as a "basic necessity". Business people maintain their "profit margins", probably "obscene" or "unwarranted," by "passing along" a higher wage, which causes workers to demand still higher wages, in a "spiral." The protection of the American worker's "living wage" from "unfair competition" by "cheap foreign labor" should be high on the list of the nation's "priorities," as should be the "rebuilding" of our "collapsing" industrial "base."
To write thoughtfully in economics you must clear your mind of such cant, as to understand astronomy you must stop talking about the sun "rising."