Poverty is no mystery, and it's easily avoidable. The poverty line that the Census Bureau used in 2016 for a single person was an income of $12,486 that year. For a two-person household, it was $16,072, and for a four-person household, it was $24,755. To beat those poverty thresholds is fairly simple. Here's the road map: Complete high school; get a job, any kind of a job; get married before having children; and be a law-abiding citizen.

One of the most challenging and important jobs for an economics professor is to teach students how little we know and can possibly know. My longtime friend and colleague Dr. Thomas Sowell says, "It takes considerable knowledge just to realize the extent of your own ignorance." Nobel laureate Friedrich August von Hayek admonished, "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."

CNN's Eliot Spitzer arrogantly lectured about the benefits of Keynesian economics Sunday while accusing fellow panelists on "Fareed Zakaria GPS" of not knowing what they were talking about because they weren't business owners.

This led British historian Andrew Roberts to point out that President Obama's administration are mostly academics, and Ann Coulter to ask Spitzer, "What business have you ran? You’re a governor" (video follows with transcript and commentary):