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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (587835)9/28/2010 5:07:40 PM
From: TimF  Read Replies (1) of 1570954
 
Expanding on that post -

We can often see the direct impact of government attempts at stimulus. That's not enough to tell us that the program worked, but it can be enough to tell us it didn't work.

If the direct effects (what Bastiat would call "the seen" are very good, than maybe the program worked, and maybe it did not. It created X gross jobs, caused $Y of specific economic activity to occur, or whatever. But the resources pulled out of the private sector, and the political distortion of economic incentives (Bastiat's "unseen" see econlib.org ) may have caused more harm than the gross benefit of the program.

If OTOH the direct and easily observable impact was negligible or even negative even before accounting for the unseen costs, than its pretty safe to say the program failed.
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