Philip Greenspun’s Economics 101

Source: Philip Greenspun

The prevailing wisdom at the New York Times (editorial) seems to be that our economic future will be assured if we start selling houses to each other at ever-higher prices. All we need to do to grow our economy is build more and larger houses and sit inside them watching big-screen TVs that we import from Asia, occasionally getting up to drive our imported car to the supermarket to buy more chips and beer, stopping on the way home to fill up with imported oil.

Given all of the burdens that the American worker has to shoulder compared to his counterparts in younger countries, could the truth be a lot more frightening? Might we have to work harder? Study at night instead of watching TV?

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