There is a growing genre of literature that can best be described as apologias for Ebenezer, the aim of which is to show that Ebenezer Scrooge, the main character of Dickens’s classic Christmas tale, was really a great man, unfairly put upon by spectral busybodies and hand-wringing underlings. A peaceful and honest man, Scrooge was really the victim of A Christmas Carol, not the villain.
[Adapted from Chapter 2 of Human Action.]
The study of all the data of experience concerning human action is the scope of history. The historian collects and critically sifts all available documents. On the ground of this evidence he approaches his genuine task.
For most so-called practical economists, information regarding the state of an economy is derived from data. Thus, if an economic statistic such as real gross domestic product or industrial production shows a visible increase, it is considered indicative of a strengthening of the economy. Conversely, a decline in the growth rate is regarded as weakening. It seems that by looking at the data one can ascertain economic conditions. Is this the case, though? The so-called data that analysts are looking at is a display of historical information.
In the US, a hysterectomy or a gall bladder surgery can set you back tens of thousands of dollars. For families that do not possess medical insurance or have inadequate coverage, it can be financially stressful to visit a hospital or schedule an appointment with a doctor. Most people residing outside the US would suffer sticker shock since they receive medical treatment for free at the point-of-service, though their taxes are through the roof. Indeed, the US does have an affordability issue.
