Wednesday, October 3, 2007

Doom and Gloom, No More!

I have never been one to believe that humans beings are rational animals, and though I have no formal training in their field, I think economists would agree with me. Bryan Caplan has a column at Reason that unpacks 4 ingrained human prejudices about the economy. The column is excellent though will require a bit more thought to discuss at length, but I will point to one section for the purposes of ego padding:

The danger of the make-work bias is easiest to see in Europe, where labor market regulation to “save jobs” has produced decades of high unemployment. But we can see it in the U.S. as well, especially in our massive employment lawsuit industry. The hard lesson to learn is that giving people “rights to their jobs” is a drain on productivity—and makes employers think twice about hiring people in the first place.

I'm sure I had a post mentioning this.

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