In a Wall Street Journal letter to the editor published on Aug. 26, Samford University Professor of Economics Art Carden commented on price controls and tariffs proposed by the two presidential candidates.
Among other commentary included in “The Bad Economic Idea That Will Never Die,” Carden weighed in on the two candidates’ plans for controlling inflation. He said, “The publicity about Ms. Harris’s economic plan reminds me of a discussion in my Econ 101 class years ago at the University of Michigan. Our textbook started out by defining ‘economics’ as the study of how economic goods or wealth is distributed in a society. Our professor wanted to make sure that we didn’t buy that. Economics, he said, is not the study of how wealth is distributed in society. That is the job of politics. Economics is the study of how wealth is created, not how it is distributed.”
Professor Carden further explains price controls and tariffs in a Brock School of Business interview found on Instagram @BrockBusiness.