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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Mark Adams who wrote (40861)11/5/2003 2:34:41 AM
From: Raymond Duray  Read Replies (1) of 74559
 
Mark,

Re: My act of deferring consumption actually decreased the amount of future production available to meet my future desires for consumption.

If a person understands this, then they understand that placing the focus on 'increased savings' rather than investment in efficient means of productions is folly.

In the late 1800s, the passenger pigeon was a key entree on menus from Charleston to Cleveland. By 1910, a lack of increased savings meant extermination of this overabundant resource.

Since 1970, stocks of Atlantic blue fin tuna, swordfish and marlin have declined by at least 85%. Increased savings are being encouraged by some soft-headed environmentalists who read history, but resisted by staunch economists such as Mark Adams.

Will the wily blue fin tuna go the way of the passenger pigeon, or will it be strengthened by greater depredations by humans?

Only economists come up with the wrong answer.
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