Why People Hate Economics
I've spent the last couple of days arguing with posters on blogs belonging to Individ and Heartless Libertarian (both of whom have posted spot-on commentary on why the economy's response to Hurricane Katrina is both normal and ultimately beneficial) that there is no such thing as "price gouging", a popular concept with people these days in the wake of rising gas prices. As I've commented on both blogs, I never cease to be amazed at just how ignorant and fearful of economics the average person is, particularly here in America, and even those with post-secondary educations in at least some lower-level economics courses are mostly Keynesian indoctrinates (worse than no economic education at all, IMNSHO). What we need is more evangelism of the Austrian school, particularly with those not familiar with such fundamental concepts as supply and demand. As far as I'm concerned, getting someone to "unlearn" a Keynesian economics education is harder than teaching someone who is an economic "blank sheet" the Austrian philosophy. The sooner people begin to understand why prices and markets work the way they do, the less nonsense we'll hear out of people's mouths or see out of government at all levels.
Anyway, give Dr. Sennholz's article a read. Grove City College, by the way, is an impressive private institution. My daughter seriously considered applying there several years ago, but her and our finances and lack of adequate scholarship opportunities precluded it from being an option . I almost wish that I had received my own undergraduate degree from them myself, as they are one of two schools in the country that I am aware of (the other being Michigan's Hillsdale College) that actually emphasize free markets and libertarian philosophical thought in their economics and social studies curricula.