The Economic Advisor

The Constant Misuse and Misquoting of Economists Adam Smith, Karl Marx, and Milton Friedman

Over the last year and a half we’ve heard a number of political and economic pundits on our television sets talking about the economy. And during that same time you could not pick up a single newspaper in the United States, which didn’t have a story that was economic based, and I’m not talking about just the business section, I’m talking about the front page. If we listen to talk radio, a good one third of that content is also constantly talking about the economy.

What I find rather interesting is the constant misuse and misquoting of past period economic philosophers. You know, like Adam Smith, Karl Marx, Milton Friedman, and Ludwig van Misses. Even Ayn Rand is generally taken out of context. Worse, we keep hearing these things that capitalism is evil, unfair to the average citizen and greed is the worst human trait. In economic and political debates, we hear all kinds of things, and most of it is opinion based.

It’s tough enough that socialism, communism, and capitalism are all theoretically based and they have philosophical roots, but to have people who don’t know what they are talking about miss quote these famous economic philosophers is quite troubling. First, most of the people watching the shows or reading the newspaper, or perhaps even listening to the radio don’t know the difference, so the people doing the talking or writing appear to put up a good argument of an academic nature.

We have a problem in our nation in that we don’t teach financial responsibility, or economics as mandatory subjects in high school. This, plus all the misdirection, misquoting, and misunderstanding of capitalism and economics is not only troubling, but it is also dangerous in my humble opinion. I hope that someday you will learn of the economic philosophers I have mentioned here today, so the media will not lead you astray. Please consider all this.

Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank. Lance Winslow believes you need to enjoy winter sports and if you are a decent skiier why not join the ski patrol; Ski-Patrol Course

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