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To: NVDave
While I have great respect Tom Sowell (and genuine appreciation for his work), again, economic “laws” and physical laws cannot be compared.
-snip-
When I toss someone out of a second-story window, the results will be immediate and repeatable.

If you put a large truck of Nintendo Wii game consoles in the parking lot of Wal-Mart with a large "Free Nintendo Wii here!" sign on the side on a Saturday afternoon, the results will be immediate and repeatable.

When some government/business/sector violates some economic “law,” they have a wide variety of ways they can try to ameliorate the consequences. If we were to compare this to the gravity/second-story-window idea, it would be as if you were able to slow down your fall by flapping your arms really hard — or, better yet, hiring someone else to flap their arms really hard somewhere else as a proxy for you, to cushion your fall.

Or, you can modify the consequences of gravity by giving your poor victim a safety harness and rope, or by putting a large, inflatable cushion on the ground. Those are real, common modifications to the consequences of gravity. They do not alter the reality of the law.

The consequences of changes in macroeconomics are slow in coming. There is economic momentum, just as there is physical momentum. But the timing of the consequences does not define the existence of a law.

Thomas Sowell's book proved precisely that point. The laws of economics are the same no matter where you go, and no matter who you are or what you believe.

268 posted on 10/04/2007 2:37:03 PM PDT by TChris (Governments don't RAISE money; they TAKE it.)
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To: TChris

A more accurate analogy of government interference with economic laws would be to say that you could alter the effect of the law of gravity by altering time, and therefore alter acceleration. That’s what is happening when governments play with the monetary base to get out of the laws.

Or, in the case of a country like Russia, they repudiate their debt.


271 posted on 10/04/2007 3:00:15 PM PDT by NVDave
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