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That Which is Seen, and That Which is Not Seen

That Which is Seen, and That Which is Not Seen. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

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That Which is Seen, and That Which is Not Seen

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  1. That Which is Seen, and That Which is Not Seen

  2. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

  3. In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause - it is seen. The others unfold in succession - they are not seen: it is well for us, if they are foreseen. Between a good and a bad economist this constitutes the whole difference - the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it is necessary to foresee. Now this difference is enormous, for it almost always happens that when the immediate consequence is favorable, the ultimate consequences are fatal, and the converse. Hence it follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, - at the risk of a small present evil. - FrederichBastait 1850

  4. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  5. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  6. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  7. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  8. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  9. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

  10. Clothing companies? All? Intended Consequences? Unintended Consequences? Who Pays?

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