Don Boudreaux on Externalities

I have long held the belief that a reasonably educated person — regardless of his professional specialization or occupation — should be familiar with the basic principles of the natural sciences (physics, biology, etc.), the social sciences (psychology, economics, etc.), know how to do arithmetic, know something about law and history, philosophy, etc.

I confess that I was not “reasonably” educated when I graduated from engineering school. Other than what I was minimally required to learn — the basics of science, engineering and math — I knew hardly anything else. Today I would judge my 20-something year old self as a barely educated, mostly ignorant person. Fortunately for me, I am naturally thoughtful, curious and quite intelligent, which allowed me to overcome some of my deficiencies. I was doubly fortunate in being able to learn economics — first neoclassical and eventually Austrian. Now I consider myself a reasonably educated person. And getting more educated by the day. Continue reading