Hannah Blog

February 3, 2013

Being wrong

Filed under: Economy — hannah @ 4:35 am

Being wrong is better than being right because the alternative is worse. This actually makes sense. Pessimism is less risky than optimism because, if one is wrong about bad things happening, the future is good while, if one is wrong about good things happening, the future is bad. It may be frustrating to watch Krugman trying to reason with the crew on FOX, but the last comment is worth it. “You’re right, until you’re wrong.” That’s the risk the cons are trying to avoid. Their fear of error has led them to embrace failure.

One other point. Ed Rendell, the former Governor of Pennsylvania, making a “case” for more gas taxes and transportation projects is consistent with his state’s obvious dependence on rebuilding roads to keep people employed. I suppose the road builders like playing with their giant toys, but the rebuilding is a major disruption to transport. Though, I suppose it is possible that the locals don’t use the interstates and don’t care about disrupting traffic that’s just passing through.

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