Sometimes one must see the opposite thing to know the true thing. So, one must see what happened to a city with a population of 1.8 million and had the highest median income of any city in America, that now has a population below 900K. The beauties of socialism... http://www.youtube.com/watch?v=1hhJ_49leBw
Scarcity, Opportunity Cost and Competition impact our decision-making moment to moment. This makes economics the basis of life as we know it, after God. Nothing that people value is free, someone pays the cost. To gain that thing of value, scarce resources are given up and cannot be given up again for a different thing of value. And we all are competing to capture those scarce resources.
Tuesday, December 29, 2009
Detroit success story! No...not really...
Labels:
capitalism,
decay,
decrepit,
Detroit,
free-market,
Obama,
socialism,
urban
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As I looked at that pic of an old, stately mansion from back-in-the-day...I wondered, "What would it take to renovate it?" Then I figured that a complete demolishing and rebuilding would be the only cost-effective route. THEN I thought..."Detroit, what would it take to renovate it?"....
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