Economic illiteracy

Tim Worstall has a go at the economic illiteracy of some campaigners:

Sigh, spotted this insane idea again in a piece about wind farms.

And 20 years of wind projects would give Britain a tremendous opportunity for more jobs, manufacturing and investment.

This is a cost, not a benefit, of such schemes. We lose all of the other things that such manufacturing capacity, such investment and such labour could have been making for us if we weren’t making windmills.

Sadly, there’s a lot of it about. In fact it is almost de rigeur for advocates of various policies to deploy this economic fallacy. For example, when banning fox hunting was being debated a few years ago, advocates of hunting claimed that it was both the cheapest way of keeping down vermin, and that it created jobs. Well, it might have been one or the other, but both couldn’t be true!

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4 Responses to Economic illiteracy

  1. Alex says:

    Tell me, does he mention any of the things we might be doing with the money otherwise squandered on scandium?

  2. cabalamat says:

    Not as far as I’m aware.

  3. Alex says:

    Funny that.

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