Category Archives: Economy

Economists are surprised

The thing about economic analysis is that it ignores time and, therefore, misses cumulative effects. It cannot anticipate tipping points. Those who had been following the growth of the underground economy and appreciated that this sector helped the U.S. avoid the 2008 crash turning into a depression, are not surprised that the pandemic increased the informal growth. Yes, the homeless are a big and growing problem because they are evidence that it is possible to survive without holding down a job. There are multiple causes and cascading effects.

Our presumptuous public servants

Georgia arranges for newly elected public servants to be trained. Apparently, the curriculum does not emphasize the importance of deference to the public that employs them. Either that, or Mr. O’Quinn was not paying attention.

I would note that the money wasted is the least of our problems. Incompetence is wasting our time and jeopardizing lives.
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What about guano?

Guano is the excrement produced by sea birds. For some reason, Peru was persuaded to remove the sea birds for the convenience of fishermen with whom the birds were competing.
Now, to my mind, it provides evidence that economists do not know what they are talking about. Even in retrospect their theories do not fit the facts.
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