Thursday, March 12, 2009

'What Is Seen and What Is Not Seen' when govt creates jobs

As the government creates jobs...others are lost

What Is Seen and What Is Not Seen

1.1
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.
1.2
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. continue...

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