Economically Literate Society
نویسندگان
چکیده
IN THE US A DISMAL TRUTH EXISTS about the citizenry’s lack of understanding of economic fundamentals. Perhaps the best example which illustrates this point is the April 2010 US Senate Hearings into the financial crisis. JPMorgan Chase’s Managing Director and Senior Economist James E. Glassman expressed in a memo his great frustration with the senators’ shocking lack of understanding of free market principles, and writes, “The hearings exposed an unnerving ignorance of fundamental principles of market economics by folks who have a hand in remapping rules of finance that will be with us for a while” (Dumon 2010). Knowing this about US senators is indeed “unnerving” since the global community is now deep into the financial crisis, and economic experts such as Marc Faber say that this is just the beginning of the worst economic disaster in recorded history (Faber 2010). If there were any group of individuals in whom people should have some faith in a crisis such as this, it at least should be our political leaders. Unfortunately, this is not the case.
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