"It is now highly feasible to take care of everybody on Earth at a higher standard of living than any have ever known. It no longer has to be you or me. Selfishness is unnecessary. War is obsolete. It is a matter of converting our high technology from WEAPONRY to LIVINGRY."
- Buckminster Fuller (h/t Suzy Waldman)

Wednesday, December 12, 2007

Something Nice About Economists

Well, Krugman is one so they can't all be totally nuts.

See if this reminds you of anything, by the way:
Part of it was the usual bubble psychology. Economists like to cite Stein’s Law: “If something cannot go on forever, it will stop.” I think it needs to be paired with another law — let’s call it Glassman’s Law — along the lines of “If something unsustainable goes on for a while, there will be people claiming it can go on forever.”

...

And I know that when I began writing about housing, I got a lot of mail from people claiming that I was only saying that there was a bubble because I hated Bush. Honest.

Anyway, it’s just amazing. The reality of a housing bubble was staring us in the face — but nobody wanted to see it.

1 comment:

David B. Benson said...

But saying that all economists are totally nuts is saying something nice aout them...