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re: EBC Book #1 - Economics in One Lesson by Henry Hazlitt
Posted on 6/13/17 at 5:43 am to RedStickBR
Posted on 6/13/17 at 5:43 am to RedStickBR
So far I haven't disagreed with anything but I do think he makes some thinks far too black and white. His idea of the government helping out those who can't get a loan on their own etc is sound in theory, but if 1/3 of those government loans is paid back and that individual becomes successful, then there will be more total at the end of the day long term. Both will be able to buy a coat as he likes to say.
That is not true in year 1 but potentially in year 5
That is not true in year 1 but potentially in year 5
2
Posted on 6/13/17 at 6:44 am to Buckeye06
quote:
His idea of the government helping out those who can't get a loan on their own etc is sound in theory, but if 1/3 of those government loans is paid back and that individual becomes successful, then there will be more total at the end of the day long term. Both will be able to buy a coat as he likes to say.
Good point. I'd like to see government data track "crop yield" on expenditures like this. It should be trackable data through income tax filings.
Actuarial tools can assess the probability of future income earning potential at the time of loan application. Five and ten year year outcomes can assess whether there was a positive gain or no difference, and whether that positive gain offset the losses.
Posted on 6/13/17 at 7:55 am to Buckeye06
quote:
His idea of the government helping out those who can't get a loan on their own etc is sound in theory, but if 1/3 of those government loans is paid back and that individual becomes successful, then there will be more total at the end of the day long term. Both will be able to buy a coat as he likes to say.
I just came across a passage where the author touches on addressing this:
quote:
This argument will seem plausible only as long as we concentrate our attention on the particular borrowers whom the government supplies with funds, and overlook the people whom its plan deprives of funds. For what is really being lent is not money, which is merely the medium of exchange, but capital.
The rebuttal points out why economics is more of a social science. Without tangible data, there's not much we can do to address the "alternative use" side of the argument.
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