February 25, 2012

A Gentle Reproof for Bill O'Reilly

By James G. Wiles
Litigation isn't poker.  It's chess.  You have to think three or four moves ahead. Economics is like that, too. Nothing is ever actually ceteris paribus.  All the little economic variables are always moving and changing.  The world's largest economy (ours) is all interconnected.  Touch one gizmo, and you affect several other gizmos.  All the little widgets talk to each other. It's even more so with our even larger, globalized economy. As the Heritage Foundation said in a recent debate over tax policy, "[s]mall decision changes create feedback effects that can snowball and change the path of the entire economy."  And, in a globalized economy, corporations can -- over time -- simply take their assets and go elsewhere. The most recent opinion-leader to fall into this trap of thinking statically, rather than dynamically, is Fox News's Bill O'Reilly. There he was on The O'Reilly Factor on Thursday night, singlehandedly solving the gasoline price...(Read Full Article)