January 2021

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« Broken Window Fallacy | Main | It is that time of year --- City University London Opportunity »


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Thanks for the quick correction. Of course, part of me was hoping I was wrong. But the numbers are still impressive.

In particular, I'll repeat a comment I made back at Reason...

Tables with this wide a range show the difficulty of displaying numbers in percentage increase or decrease.

If in 1999 one orange was worth one apple while in 2009 one orange is worth two apples, then oranges have increased in apple-price 100%. But apples have decreased in orange-price only 50%.

Similarly, the reciprocal of +300% in such a table is only -75%!

So it may not be obvious to the reader that only Empire State Building tickets and gold have greater factor increases in hours worked per ticket or ounce than the factor increase in bottles of spumante per hour worked.

What do you anticipate for the next decade Steve? I have a strong sense that it is going to be significantly tougher for the West than the last ten years have been.

I think the forces of innovation and the gains from exchange will still continue to outrace government stupidity, but not by as much as before. So we'll be better off in 2020, just not as better off as we would have, could have, or should have been.

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