The words of Frederic Bastiat are always on my mind here.
"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.
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."
Here is a question. Does the city of Pittsburgh generate lot's of bad economists or lots of good politicians?
Showing posts with label Allegheny Center Mall. Show all posts
Showing posts with label Allegheny Center Mall. Show all posts
Friday, April 20, 2007
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