He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Friday, December 12, 2008

Metaphorical Economics

I apologize for my absence, but I have been knee-deep in current events. It's hard to believe, but folks are interested in what I have to say.

If circumstances were more positive, however, their interest in my particular opinion would be much smaller. There's a natural human tendency, during more fortunate times, to ascribe one's economic success to skill, rather than to the generalized smiling of an expanding economic pie.

Randomness stymies overreaching.

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