Monday, December 20, 2010

The unitended consequences of stupid government policy's

The French economist Bastiat wrote about this a couple of hundred years ago in the essay, "What is seen and what is not seen." He wrote the following:

"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen."

What is amazing is that there really is not anything new under the sun. Human action is the same over generations. Stupid policies produce negative results, yet we keep pursuing them.

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