It is always a challenge for entrepreneurs to try and predict what customers will want in the future. But now things are even more unpredictable. And government regulations aren't helping either.
If time preference is genetically built into humans, are they double discounting future goods? Does this mean people should stop trying to weigh time in their calculations?
Prices determined in the marketplace are absolutely essential to a functioning economic system. This is no less true if today's property was redistributed unjustly in the past. Market prices today are the path to recovery.
Noneconomists struggle to realize that scarcity results in the necessity of tradeoffs. During the COVID-19 pandemic, this difference in thinking causes them to wrongly accuse economists of "prioritizing money over lives."
Despite the fact that the CDC’s formal name includes the word “Prevention” and that its stated goals include various planning buzzwords, its managing of the COVID-19 response has been an unmitigated disaster.
The 2016 election was an important reminder that most experts were totally wrong in their predictions of what would happen. Now the experts are claiming that freedom and markets must be abandoned based on new guesses about the future.
