A great deal of misunderstanding runs throughout Christopher Hood’s comment on this post. I hope later to have time to address his comment in more detail. But I here quickly want to express just how wrong he is when he writes that
Professors of economics like to treat every consequence as financial….
This assertion, although commonplace, is emphatically wrong. Those who make this assertion give powerful evidence that they’re unfamiliar with economics. Here are links to just seven of the many items that have appeared at Cafe Hayek that expose the baselessness of Mr. Hood’s claim. See here and, then, here. And here. And here. And then here. Now here. And here.