James C. W. Ahiakpor

james.ahiakpor@csueastbay.edu

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The Economics of the Corn Dog: Correcting a Misattribution to Adam Smith

MARCH 26, 2014 by JAMES C. W. AHIAKPOR

Adam Smith used labor as a measure of value rather than value's determinant. Karl Marx also did not use the quantity of labor employed in production as the determinant of market prices.

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December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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