Homines libenter quod volunt credunt
Posted in Entrepreneurs, Government Gone Wild on Sep 24th, 2011
Just remember what happens in a market when a product is a failure, it disappears, often spectacularly, and with much pain to the entrepreneurs. However, it’s a lesson learned. You don’t get the good stuff (like Cherry Coke) without having the intense trial and error that produces and weeds out the bad, like New Coke. […]
Posted in Economic Illiteracy on Sep 24th, 2011
Many forecasters make predictions based on extrapolating past trends into the future. Malthusians famously did this with population growth rates, materials alarmists do it with resource forecasts, debt-alarmists do it with borrowing forecasts, and so on. Here is perhaps a silly analogy, but one that unfortunately is necessary to make the point that it is […]
