Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre . . . . . . . . . . . . . email: jpalmer at uwo dot ca

. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Saturday, January 01, 2005

Transition Economics

Transition always leaves some people worse off, even if the change would be a net benefit according to Kaldor-Hicks criteria. Those who lose during the transition have an incentive to resist, even resorting to armed resistance at times.

Here's a recent example:

Yemeni Prime Minister Abdul Qader Bajammal was threatened on Sunday by gun-totting parliamentary guards critical of the government's economic reform programme, a member of Parliament said.

"Dozens of armed men who guard the MPs, and who were gathered in front of parliament, questioned the prime minister as he arrived, denouncing his government's economic reforms," the lawmaker said yesterday.

To read more about this particular example, click here.
[Thanks to JC for the pointer to this article.]

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