Economics: Josh Barro Cites Greg Mankiw, and I Learn Something Sort of New
In an article titled "The Inevitable, Indispensable Property Tax" (NYT, July 4, 2015), Josh Barro reminds us of something we already know (else it wouldn't be re-minding):
As the economist Greg Mankiw wrote in this space three years ago, "A good rule of thumb is that when you tax something, you get less of it."I kind of knew this intuitively, but I'd never heard it formulated, not even as a rule of thumb. The exception to this rule is . . . da-da-da-dum: Property Tax. Why the exception? "[B]ecause it can't be moved and it lasts a long time."
That makes two (or three?) new things I learned today! I realize most of my readers know these things already, but I've got a very spotty education. In fact, if I had my education to do over again, I'd make sure to take some economics courses.
"Hindsight is better than foresight" - which I think means we can see better with our hind ends than with our foreheads.