"In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.Perhaps this criterion could also apply to politicians?
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."
". . . for almost a century the basic principles on which this civilization was built have been falling into increasing disregard and oblivion." -- Hayek
Thursday, February 02, 2006
A Bad Economist & A Good One
Frederic Bastiat :
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