America's Economic Myths

Suffolk University Master in Economic Policy student David Saied debunks some commonly-held economic myths over at the Ludwig von Mises's web site.

My personal favorite is a put-down of the unfortunately popular catchphrase: "energy independence." Both McCain and Obama would do well to have a quick look at this paper, as it seems one of the few things they both agree on is false.

The high price of oil has nothing to do with its origin; the price of oil is determined in international markets. Even if the United States were to produce 100% of the oil it consumes, the price would be the same if the worldwide supply and demand of oil were to remain the same.

Read the whole article.