Friday, June 4, 2010

The NYT Admits Economics Is About Tradeoffs, Time Is Scarce

Unwittingly handing the Austrian School a crushing victory (and the Omnipresident School a simultaneous crushing defeat) today, one NYT reporter stumbled upon an undeniable economic truth in the form of Austrian time-sensitivity theory and the scarcity of time as an economic good:
Yet the president’s time and energy are finite and every day devoted to the oil spill is one that he cannot focus as much of his own resources on other issues.
Now, how long will it be before the NYT and its reporters are able to follow their own logic to the conclusion that resources expended on the oil spill fiasco by the president are resources that can not be used in other parts of the economy by private actors, and that furthermore, resources in general used by the government are resources that are not available to be used for other productive and consumptive purposes throughout the rest of the economy?

My suggestion: don't hold your breath, unless you think you've been getting too much summer sun and you'd look "cooler" in a nice shade of blue.

By the way, has anyone thought to point out how monumentally hypocritical it is for Emperor Obama to put in place a moratorium on Gulf of Mexico oil drilling, resulting in less oil for everyday Americans and their mundane, relatively unimportant lives, while El Presidente continues to jet back and forth across the country and the world on his 747 jumbo jet, never once experiencing the impact of a reduced supply of oil resources in his day-to-day life?

Unless Obama wants to ride a bike up and down the East Coast, he really shouldn't be so quick to force everyone else to do so.

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