This is a critique of a graduation speech from 2007 that has been recirculated by economists who like some of the political implications. The 12 items in the speech are rather uninteresting but a point by point critique is provided. I preferred the humorous translation that Yoram Baumann made to Greg Mankiw's 10 principles of economics. Mankiw invited him to Harvard to entertain his students. At least he has a sense of humor.
The post that follows is a deeper critique of the graduation speech.