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[This important essay was published in the Libertarian Forum (1969–1984), the entire archives of which are now online at the Mises Institute. It appeared in the January 1971 issue, before Nixon’s price and wage controls and many other interventions over

Jeff and Bob Murphy talk about the state of gross economic ignorance in America today. Lessons for The Young Economist: Mises.org/YoungEcon Understanding Money Mechanics: Mises.org/BobMoney