Friday, August 12, 2005

The Economist's Fallacy

Or why economists don't start businesses (and really shouldn't write papers).

We could make lots of money doing x. What do you think?

Well, if it was possible to make money doing x then someone else would already be doing it, for who are we to claim to be so much more intelligent than everyone. Because no one is doing it, it can't be a good idea. So let us not do it.



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