Wednesday, 31 October 2012

A Port in a Storm in a Teacup



I doubted people could be quite so dumb as to start blogging in their numbers (well at least half a dozen) about how Superstorm Sandy will be good for the American economy because it will 'create jobs in construction'.  But apparently this claim is being made.  This idiocy was addressed as far back as the 19th century with Bastiat's 'Broken Window Fallacy' - which is basically the misjudged rhetorical question; what would happen to glaziers if nobody ever broke windows? 

Just to illustrate how daft the claim that Superstorm Sandy will be good for the American economy because it will 'create jobs in construction' is, let me give you a few similarly fatuous statements, and you see if the logic holds up any more compellingly:

1) A tree landing on your house is good for your household economy because it will keep you busy in the evenings when you get home from work.

2) A pandemic is good for the country because it keeps those in the medical services busy.

3) A mass rise in unemployment is good for the economy because it keeps the Job Centres fully staffed.

4) A rise in crime is good for the country because it keeps the police busy in work.

Answers on a postcard to "I'm-an-ignorant-and-insensitve-buffoon.com"

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